REG - Faron Pharma. Oy - Issuance of warrants

Faron Pharmaceuticals OyAnnouncement

17/05/2024 16:00

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RNS Number : 9726O  Faron Pharmaceuticals Oy  17 May 2024

Faron Pharmaceuticals Oy

("Faron" or the "Company")

Issuance of warrants

Company Announcement, 17 May 2024 at 18:00 (EEST) / 16:00 (BST) / 11:00 AM
(EDT)

 

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 it has
issued to its lender IPF Fund II SCA, SICAV-FIAR ("IPF") 333,333 warrants
("Warrants") in accordance  with the announcement released on 30 April 2024
in relation to a waiver extension. The strike price is 1.50 euros for these
Warrants and it will be adjusted to any lower subsequent subscription price of
shares in any future share issue. Each Warrant entitles its holder to
subscribe for one new share in the Company, and the Warrants may be exercised
for a period of seven years.

 

Pursuant to the terms of the restated warrant holder agreement entered into
between the Company and IPF on 17 May 2024, the number of the 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 (as a result of
the exercise of the Warranties) multiplied by the (adjusted, if applicable)
strike price is equal to EUR 500,000 (minus any amounts already paid). For
that purpose, the Board of Directors of Faron has approved the terms and
conditions for 750,000 Warrants of which the 333,333 Warrants are now issued.
The terms and conditions of the Warrants are available on the Company's
website. Any further issuances will be announced separately.

 

On the date of this announcement, IPF holds 1,320,343 warrants, which entitle
them to subscribe for the same number of shares in the Company using strike
price EUR 1.50, representing 1.8% of the current number of shares in the
Company (72,007,497).

 

 

For more information please contact:

Faron Pharmaceuticals

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com (mailto: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@consilium-comms.com (mailto: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 Faron Pharmaceuticals Oy

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 and as a monotherapy in last line solid cancers.
Further information is available at www.faron.com.

 

 

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