Faron Pharmaceuticals Ltd., a clinical-stage biopharmaceutical company focused on immunotherapies for cancer, has announced that it has received notifications from option holders to exercise 2015B and 2015D options. The exercise of these options will result in the issuance of new ordinary shares and raise gross proceeds of approximately EUR 52,264 and EUR 73,168, respectively. The exercise of the 2015D options includes Non-Executive Director John Poulos, who will be interested in 20,000 ordinary shares in the company after the exercise. The new ordinary shares will be admitted to trading on AIM and Nasdaq First North Growth Market.
The exercise of the options will result in Faron Pharmaceuticals having an enlarged issued share capital of 66,246,522 ordinary shares with voting rights attached. The company has no shares in treasury, so the total number of voting rights will be 66,246,522. Shareholders can use this figure to determine whether they need to notify an interest in or a change to their interest in the company's shares.
The admission of the new ordinary shares is expected to occur on or around September 11, 2023, following the issue and registration of the shares on or around September 12, 2023. The new ordinary shares will rank pari passu with existing ordinary shares.
Faron Pharmaceuticals is a biopharmaceutical company focused on developing novel immunotherapies for the treatment of cancer. The company's goal is to harness the power of the immune system to target and destroy cancer cells. Faron's lead product candidate, Clevegen, is currently being evaluated in clinical trials for the treatment of solid tumors. The company is also exploring the potential of its proprietary technology platform, Traumakine, for the treatment of acute respiratory distress syndrome (ARDS) and other inflammatory conditions.