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Faron Pharmaceuticals Oy ( (GB:FARN) ) just unveiled an update.
Faron Pharmaceuticals has approved the exercise of 453,979 special rights tied to an advanced amortisation of its First Tranche convertible bonds, resulting in the issuance of an equal number of existing treasury shares at an aggregate subscription value of €846,943.22. By opting for a share-based settlement rather than a cash payment, the company is using equity to offset debt under its €15 million First Tranche bond arrangement with Heights Capital Management, resetting the bond’s maturity to 2 August 2027 and leaving the total shares in issue unchanged at 118,563,143, with 3,688,699 shares remaining in treasury and 114,874,444 voting rights outstanding for shareholders’ disclosure calculations.
More about Faron Pharmaceuticals Oy
Faron Pharmaceuticals Ltd, headquartered in Turku, Finland, is a global clinical-stage biopharmaceutical company focused on developing novel cancer immunotherapies. Its lead asset, bexmarilimab, is a humanized anti-Clever-1 antibody designed to overcome tumor-induced immunosuppression by reprogramming myeloid cells and is currently being evaluated in Phase I/II trials for hematological cancers 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.
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