Faron Pharmaceuticals Oy recently held its annual general meeting (AGM) at BioCity in Turku, Finland, where several key decisions were made. The AGM approved all proposals of the Board of Directors and its committees, including the adoption of the financial statements for the year 2023 and the discharge of the Board members and CEO from liability for that year. It was also decided that no dividend would be paid for the financial year 2023, and the losses of the company, amounting to EUR 30.9 million, will be carried forward to the reserve for invested unrestricted equity.
The composition of the Board was confirmed with five members, and the AGM resolved to keep the annual remuneration of the Board members unchanged. Additionally, the audit firm PricewaterhouseCoopers Oy was re-elected as the Company's auditor. The AGM also resolved to establish a Shareholders' Nomination Board for the Company and authorized the Board to decide on the issuance of shares, options, or other special rights entitling to shares. This authorization is effective until 30 June 2025 and does not cancel the previous authorization given to the Board in 2023.
Furthermore, the Board was authorized to resolve on issuances of shares in connection with a larger share issuance, which is effective until the close of the next Annual General Meeting of Shareholders to be held in 2025 and can only be used for the purposes of the contemplated public offering and the Company's existing bridge financing needs. These decisions reflect the company's strategic and financial planning for the coming years.