Faron Pharmaceuticals Oy has provided an update on the settlement of the UK Open Offer and the REX Retail Offer, which are part of the fully subscribed EUR 30.7 million share offering. The New Shares were admitted to trading on First North and AIM at 8:00 a.m. BST on 24 June 2024. Due to a technical delay with settlement, CREST accounts are now expected to be credited in respect of shares under the UK Open Offer on 26 June 2024, and settlement of the REX Retail Offer is expected to occur on 25 June 2024.
The BEXMAB study is an open-label Phase I/II clinical trial investigating bexmarilimab in combination with standard of care (SoC) in the aggressive hematological malignancies of acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The primary objective is to determine the safety and tolerability of bexmarilimab in combination with SoC (azacitidine) treatment. Clever-1 is highly expressed in both AML and MDS and associated with therapy resistance, limited T cell activation, and poor outcomes.
Bexmarilimab, Faron's wholly owned, investigational immunotherapy, is designed to overcome resistance to existing treatments and optimize clinical outcomes by targeting myeloid cell function and igniting the immune system. By targeting the Clever-1 receptor on macrophages, bexmarilimab alters the tumor microenvironment, reprogramming macrophages from an immunosuppressive (M2) state to an immunostimulatory (M1) state, upregulating interferon production, and priming the immune system to attack tumors and sensitizing cancer cells to standard of care.
Faron Pharmaceuticals Ltd is a global, clinical-stage biopharmaceutical company focused on tackling cancers via novel immunotherapies. Its lead asset, bexmarilimab, a novel anti-Clever-1 humanized antibody, is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.
This announcement is not an offer of securities for sale into the United States. The Offer Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered, sold, or transferred, directly or indirectly, in or into or from the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.