Faron Pharmaceuticals has announced the results of its recent placing, which involved the issuance of 2,491,998 placing shares to the company itself without consideration. These shares have been registered in the Finnish Trade Register and will be conveyed to investors at an issue price of EUR 2.85 per placing share. The payment and settlement of the placing shares is expected to be completed by October 31, 2023. The company has raised approximately EUR 7.1 million in gross proceeds from the placing, which will be used to accelerate and expand the clinical development of its main drug candidate, bexmarilimab, as well as for commercial scale production, general corporate purposes, pipeline development, and to strengthen the company's balance sheet. The placing was supported by new investors and existing shareholders, including local long-only institutional investors, family offices, and Timo Syrjl, a substantial shareholder in the company. With these proceeds and the current level of activities, Faron has sufficient working capital into Q2 2024. Trading in the placing shares is expected to commence on First North and AIM on or about October 30, 2023.