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Faron Pharmaceuticals Oy ( (GB:FARN) ) has issued an update.
Faron Pharmaceuticals has approved the exercise of 909,517 special rights into an equal number of new shares, raising approximately €1.55 million through a share-settled amortisation of its convertible bond financing. The new shares, issued to Heights Capital Management–managed entities in connection with scheduled amortisation and interest payments on the company’s first and second tranches of senior unsecured convertible bonds, will be admitted to trading on both Nasdaq First North Growth Market Finland and AIM, increasing Faron’s total share count to 119,472,660 and voting rights to 115,783,961 after treasury shares, and modestly diluting existing shareholders while reducing outstanding debt obligations.
More about Faron Pharmaceuticals Oy
Faron Pharmaceuticals Ltd is a global clinical-stage biopharmaceutical company focused on developing novel immunotherapies to treat cancer. Its lead asset, bexmarilimab, is a humanized anti-Clever-1 antibody designed to alleviate cancer-related immunosuppression by reprogramming myeloid cell function, and is currently being evaluated in Phase I/II trials for hematological malignancies in combination with standard treatments. The company is listed on AIM in London and Nasdaq First North Growth Market Finland, targeting a broad patient population through innovative immune-system–modulating therapies.
See more insights into FARN stock on TipRanks’ Stock Analysis page.