London Stock Exchange welcomes Faron Pharmaceuticals Ltd
Today London Stock Exchange formally welcomes Faron Pharmaceuticals Ltd ("Faron" or the "Company") to the AIM Market (ticker symbol: FARN). Faron listed on AIM on 17th November 2015 after a successful fundraising of £10.0 million. The offering was well supported by existing shareholders and new institutional shareholders.
Faron is a clinical stage drug discovery and development company focused on creating novel treatments for medical conditions with significant unmet needs. Based in Turku, Finland, the Company currently has a pipeline of products focusing on acute organ traumas, cancer immunotherapy and vascular damage. The Company’s lead candidate Traumakine®, has been developed to treat acute respiratory distress syndrome ("ARDS"), a rare, severe, life threatening medical condition for which there is currently no approved pharmaceutical treatment. The new funds are being used primarily to fund the Company´s initial pan-European Phase III clinical trial, INTEREST, in respect of Traumakine® for the treatment of ARDS. The net proceeds will also enable Faron to progress its novel cancer immunotherapy candidate Clevegen.
To mark the listing, Dr. Markku Jalkanen, CEO of Faron Pharmaceuticals, rang the bell, accompanied by Faron management, Board Members, investors, advisers and the listing team of the LSE.
Dr Markku Jalkanen commented:
"Faron’s fundraising and admission to AIM is an important landmark for the Company. We believe that the support shown by both new and existing shareholders demonstrates a strong understanding of the value of our late stage product Traumakine®, for the treatment of acute respiratory distress syndrome (ARDS). Currently there are no approved pharmacological treatments for this life threatening medical condition with a reported 30–45% mortality rate. "
"Admission to AIM provides a great opportunity to strengthen our business and support our objectives of progressing our lead programme through the on-going pan-European Phase III trial, and the development of our pre-clinical cancer immunotherapy candidate, Clevegen. We look forward to reporting on the Company's continuing progress as an AIM-quoted company and would like to welcome and thank our investors for their involvement."
The nominated adviser to the Company is Cairn Financial Advisers LLP and the broker is Whitman Howard Limited. Rx Securities is an equity advisor and the legal advisors are Hannes-Snellman (Helsinki) and Jones Day (London). Hume Brophy is the financial PR advisor to the Company.