Faron Pharmaceuticals Oy has announced the registration of new shares with the Finnish Trade Register. The company issued a total of 30,709,056 newly issued treasury shares and new shares in the Offering, as well as the issuance of 308,158 new shares to certain subscription guarantors in the Offering and the issuance of 1,600,153 new shares to investors who participated in the private placement announced on 4 April 2024. The remaining 11,890,008 New Shares have also been registered with the Trade Register. The total number of registered shares in Faron is now 104,624,864, with the New Shares accounting for approximately 45.3 per cent of the Company's outstanding shares and votes prior to the Offering and 31.2 per cent following the Offering.
The New Shares will be recorded on investors' book-entry accounts on or about 24 June 2024. Applications will be made for the admission to trading of the New Shares on the Nasdaq First North Growth Market Finland and on AIM, the market operated by London Stock Exchange plc. Trading in the New Shares is expected to commence on or around 10:00 a.m. EEST / 8:00 a.m. BST on 24 June 2024, subject to the admission of the New Shares to trading on First North and AIM.
The company also provided an update on the BEXMAB study, 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). Bexmarilimab is Faron's wholly owned, investigational immunotherapy designed to overcome resistance to existing treatments and optimize clinical outcomes, by targeting myeloid cell function and igniting the immune system. It binds to Clever-1, an immunosuppressive receptor found on macrophages, leading to tumor growth and metastases. 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 Oy is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function.