Faron Pharmaceuticals
Ltd.
("Faron"
or the "Company")
Appointment of Chief Financial
Officer
Company announcement,
8 August 2024 at 2:00 a.m. EDT / 7:00 a.m. BST /
9:00 a.m. 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 the
appointment of Yrjö Wichmann, Faron's current interim Chief
Financial Officer (CFO, int.), as the Company's permanent Chief
Financial Officer (CFO).
Mr. Wichmann has served as Faron's
interim CFO since April 2024, having previously served as the
Company's CFO between 2014 and 2019 and as Senior Vice President,
Financing & IR 2019 to April 2024. He is an accomplished
biotech and financial executive with over 20 years' experience in
financing and investment banking. Prior to his roles at Faron, Mr
Wichmann held a number of senior positions within the life sciences
and biotechnology sector at IP Finland Oy, Biohit Oyj (NASDAQ OMX
Helsinki), CapMan Oyj, FibroGen Europe Oyj (NASDAQ) and D.
Carnegies & Co AB. He is a member of the Investment Committee
at Dasos Timberland Fund I and II and a board member at Nordic
Science Investment Oy investment fund. Mr Wichmann holds a Master's
in Economics from Helsinki University.
"Mr. Wichmann has played a pivotal
role in the financial turnaround of the Company over the past
months. I am very pleased to see his continued dedication to the
Company and I am looking forward to working alongside him as we
continue to advance bexmarilimab through clinical
development in order to bring this very promising therapy to
patients as soon as possible, whilst also delivering value to
investors" said Chief Executive Officer of Faron, Dr. Juho
Jalkanen.
Mr. Wichmann, incoming Chief
Financial Officer, said: "I am thrilled to be appointed as
permanent CFO of Faron and deeply honored by the confidence shown
to me by the Board. Faron is entering a very exciting phase and I'm
looking forward to continuing to participate in the Company's
development under Juho's new leadership."
For
more information please contact:
Investor Contact
Faron Pharmaceuticals
E-mail:
investor.relations@faron.com
Media Contact
ICR
Consilium
Mary-Jane Elliott, David Daley,
Lindsey Neville
Phone: +44 (0)20 3709
5700
E-mail: faron@consilium-comms.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 BEXMAB
The BEXMAB study is an open-label
Phase 1/2 clinical trial investigating bexmarilimab in combination with
standard of care (SoC) in the aggressive hematological malignancies
of acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS).
The primary objective is to determine the safety and tolerability
of bexmarilimab in combination with SoC (azacitidine) treatment.
Directly targeting Clever-1 could limit the replication capacity of
cancer cells, increase antigen presentation, ignite an immune
response, and allow current treatments to be more effective.
Clever-1 is highly expressed in both AML and MDS and associated
with therapy resistance, limited T cell activation and poor
outcomes.
About Bexmarilimab
Bexmarilimab is Faron's wholly
owned, investigational immunotherapy designed to overcome
resistance to existing treatments and optimize clinical outcomes,
by targeting myeloid cell function and igniting the immune system.
Bexmarilimab binds to
Clever-1, an immunosuppressive receptor found on macrophages
leading to tumor growth and metastases (i.e. helps cancer evade the
immune system). By targeting the Clever-1 receptor on macrophages,
bexmarilimab alters the
tumor microenvironment, reprogramming macrophages from an
immunosuppressive (M2) state to an immunostimulatory (M1) one,
upregulating interferon production and priming the immune system to
attack tumors and sensitizing cancer cells to standard of
care.
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 reprogramming 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. Further information is available at
www.faron.com.
Forward-Looking Statements
Certain statements in this
announcement are, or may be deemed to be, forward-looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should",
"expect", "hope", "seek", ''envisage'', ''estimate'', ''intend'',
''may'', ''plan'', ''potentially'', ''will'' or the negative of
those, variations or comparable expressions, including references
to assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward-looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
A number of factors could cause
actual results to differ materially from the results and
expectations discussed in the forward-looking statements, many of
which are beyond the control of the Company. In addition, other
factors which could cause actual results to differ materially
include the ability of the Company to successfully license its
programs within the anticipated timeframe or at all, risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets or other sources of funding, reliance on key
personnel, uninsured and underinsured losses and other factors.
Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such forward-looking
statements. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. Subject to any continuing
obligations under applicable law or any relevant AIM Rule
requirements, in providing this information the Company does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in events,
conditions or circumstances on which any such statement is
based.