Faron Pharmaceuticals
Oy
("Faron" or "Company")
Approval of Warrant Terms and
Conditions
Company
announcement, April 8, 2024 at 12:10 AM (EDT) / 7:10 AM (BST) /
9:10 AM (EEST)
TURKU, FINLAND / BOSTON,
MA - Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a
clinical-stage biopharmaceutical company pursuing a CLEVER approach
to reprogramming myeloid cells to activate anti-tumor immunity in
hematological and solid tumor microenvironments, today announces
that the Board of Directors of Faron has approved the terms and
conditions of the remaining 832,934
warrants pursuant to the terms of the
warrantholder agreement (the "Warrantholder Agreement") entered into
between the Company and IPF as announced on March 28, 2024. It was
previously announced that the maximum total
number of warrants to be granted pursuant to the Warrantholder
Agreement is 1,500,000, and the Board of the Company shall cause
the registration of the remaining warrants after the Annual General Meeting 2024 of
the Company, held on April 5, 2024. Each warrant entitles its
holder to subscribe for one new share in the Company.
Further, pursuant to the terms of
the Warrantholder Agreement, the number of warrants to be issued to
IPF may be further increased upon (and subject to) agreed
adjustment events so that the total number of new shares in the
Company (issued as a result of the exercise of the increased number
of warrants) multiplied by the (adjusted) subscription price per
share in any subsequent share offering undertaken by the Company is
equal to EUR 1,000,000 (minus any amounts already paid). The
Company announced on April 4, 2024, that the Company had resolved
to issue an additional 53,570 warrants to IPF based on the
placement of 3,200,298 newly issued treasury shares at the issue
price of EUR 1.50.
The strike price of the IPF warrants
is currently EUR1.50 and will be adjusted to any lower subsequent
subscription price of shares in any future share issue. The Company
will separately publish an announcement on the issuance of any of
the additional warrants.
For
more information please contact:
Investor Contact
LifeSci Advisors
Daniel Ferry
Managing Director
daniel@lifesciadvisors.com
+1 (617) 430-7576
ICR
Consilium
Mary-Jane Elliott, David Daley,
Lindsey Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilimcomms.com
Cairn Financial Advisers LLP, Nomad
Sandy Jamieson, Jo Turner
Phone: +44 (0) 207 213
0880
Peel
Hunt LLP, Broker
Christopher Golden, James
Steel
Phone: +44 (0) 20 7418
8900
Sisu
Partners Oy, Certified Adviser on Nasdaq First
North
Juha Karttunen
Phone: +358 (0)40 555 4727
Jukka Järvelä
Phone: +358 (0)50 553 8990
About Faron Pharmaceuticals Ltd.
Faron (AIM: FARN, First North:
FARON) is a global, clinical-stage biopharmaceutical company,
focused on tackling cancers via novel immunotherapies. Its mission
is to bring the promise of immunotherapy to a broader population by
uncovering novel ways to control and harness the power of the
immune system. The Company's lead asset is bexmarilimab, a novel
anti-Clever-1 humanized antibody, with the potential to remove
immunosuppression of cancers through targeting myeloid cell
function. Bexmarilimab is being investigated in Phase I/II clinical
trials as a potential therapy for patients with hematological
cancers in combination with other standard treatments
treatments and as a monotherapy in last line solid
cancers. Further information is available
at www.faron.com.