Update on financial status

Faron Pharmaceuticals Oy

(“Faron” or the “Company”)

Inside Information: Update on financial status

  • Further cash preservation extends runway into Q3/2024
  • Understanding on conditional Waiver Extension reached with IPF, covering the Company until end of June 2024 to conduct the planned activities securing the further development of bexmarilimab in HMA-failed MDS

Company announcement, 30 April 2024 at 16:00 (EEST) / 14:00 (BST) / 9:00 AM (EDT)

Inside information  

 

TURKU, FINLAND / BOSTON, MA – Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company pursuing a CLEVER approach to reprogramming myeloid cells to activate anti-tumor immunity in hematological and solid tumor microenvironments, today announces that it has reached an understanding with its lender IPF Fund II SCA, SICAV-FIAR (“IPF”), an extension to the waiver that it originally announced on 4 March 2024 (“Waiver Extension”). With the Waiver Extension the Company continues to finalize its preparations to secure longer term funding.

 

The Waiver Extension is conditional on certain terms, those being, among others, (i) the minimum cash covenant being set to 6.0 million euros until 20 May 2024 and thereafter, subject to continued clinical success with the BEXMAB trial, (ii) first decreasing to 5.5 million euros on 21 May 2024 and (iii) then to 4.5 million euros on 12 June 2024 until a minimum equity raise of 10 million euros has been cashed in. As a part of the understanding on the Waiver Extension terms, IPF will receive a waiver fee and additional new warrants amounting to 500 000 euros in total with a strike price of the lower of 1.50 euros and the last 3 trading days VWAP preceding the issuance of the warrants. The warrants are expected to be issued and related actions completed by 15 May 2024. The Waiver Extension will be valid until 27 June 2024 at maximum, subject to terms above being followed and the Company securing subscriptions or guarantees for a public offer in the amount of 10 million euros by 11 June 2024, unless other financing of the same value is secured prior to that. Thereafter the minimum cash covenant will return to its normal level. On the date of this announcement IPF holds a number of warrants, which if converted into shares in the Company, would correspond to 1.4% of the current total number of shares in the Company.

 

The Company has completed significant cash preservation actions during the past few months and expects to have cash runway into Q3/2024. Faron’s incoming Chief Executive Officer, Dr. Juho Jalkanen, says: “I want to truly thank all our vendors, employees, IPF and everybody involved. These decisions and actions are never easy, but it really feels like a true group effort that has come together to back the development of bexmarilimab for HMA-failed MDS. We are deeply grateful”. Dr. Jalkanen will start in his new position on 1 May 2024.

 

The Company continues its active endeavors to secure its longer-term funding that would take bexmarilimab into a pivotal trial post the US Food and Drug Administration’s advice and partnership for commercialization. As previously announced the Company is planning to publish initial data from the ongoing Phase II part of the BEXMAB trial, evaluating the safety and efficacy of bexmarilimab in combination with standard of care in patients with hypomethylating agents refractory or relapsed myelodysplastic syndrome (MDS), during the week commencing 20 May 2024.

 

 

For more information please contact:

Faron Pharmaceuticals

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium
Mary-Jane Elliott, David Daley, Lindsey Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

About Faron Pharmaceuticals Oy 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

 

Board Change

Faron Pharmaceuticals Ltd.

(“Faron” or the “Company”)

 

 

Board Change

 

 

Company announcement, April 30, 2024 at 15:00 (EEST) / 1:00 PM (BST) / 8:00 AM (EDT) 

 

TURKU, FINLAND / BOSTON, MA  Further to the announcement of 8 April 2024, Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company pursuing a CLEVER approach to reprogramming myeloid cells to activate anti-tumor immunity in hematological and solid tumor microenvironments, is pleased to announce the appointment of Dr. Juho Jalkanen as director and Chief Executive Officer of the Company starting first of May 2024. Additionally, further to the announcement of 8 April 2024, the Company announces that as of the date of this announcement, Dr. Markku Jalkanen has stepped down from his role as Chief Executive Officer and will continue as member of the board of directors of Faron.

 

Dr. Juho Markku Jalkanen (aged 46) currently serves as the Chief Operating Officer of Faron Pharmaceuticals since 2022 and has worked at Faron in various roles since 2006; as Deputy Member of the Board from 2006 to 2007, Director from 2013 to 2017 and Chief Development Officer from 2018.  Dr Jalkanen worked at Turku University Hospital from 2008 to 2017, latterly as a Specialist Consultant in Vascular Surgery, having been a Medical General Practitioner (GP) from 2007 to 2008.  Dr Jalkanen graduated from the University of Turku, Finland in 2005 with an MSc International Business Administration & Economics.  During his studies he worked as a Researcher and conducted his Master’s thesis concerning the Finnish Pharma Cluster.  Dr Jalkanen became MD in 2007 and obtained a PhD in Molecular Medicine and Vascular Surgery in 2017.

 

The following information regarding the appointment of Dr. Jalkanen is disclosed under Schedule 2(g) of the AIM Rules for Companies and Nasdaq First North Growth Market Rulebook.

 

Current positions, directorships and/or partnerships:

 

Former positions, directorships and/or partnerships (within the last five years):

Inflames Pharma Oy

Kiinteistö Oy Pyhälinna

PharMart Oy

Piedino Financing Oy

Sisukas Limited

 

 

Dr. Jalkanen has an interest in 1,023,888 ordinary shares in the Company, approximately 1.42% of the Company’s issued share capital.  He also holds 232,270 options in the Company.

 

Dr. Jalkanen was appointed a director of PharMart Oy on 29 October 2013. In 2018 the company was placed into receivership and following the completion of the process was liquidated 25 March 2019.

 

Save as set out above, no further information regarding Dr. Jalkanen is required to be disclosed pursuant to the AIM Rules for Companies or Nasdaq First North Growth Market Rulebook.

 

Tuomo Patsi, Chairman of the Board of Faron Pharmaceuticals, said “I am pleased to welcome Juho as Chief Executive Officer of the Company. This is a pivotal time for Faron as we advance the bexmarilimab development program and approach key milestones. Juho has demonstrated his abilities in his prior roles at Faron and is well positioned to lead the company in its mission is to bring the promise of immunotherapy to more patients.”  

 

 

For more information please contact:

 

 

Faron Pharmaceuticals

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

Faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

About Bexmarilimab

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. Bexmarilimab binds to Clever-1, an immunosuppressive receptor found on macrophages leading to tumor growth and metastases (i.e. helps cancer evade 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) one, upregulating interferon production and priming the immune system to attack tumors and sensitizing cancer cells to standard of care.  

 

About Faron Pharmaceuticals Ltd.

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in a Phase I/II clinical trial as a potential therapy for patients with hematological cancers in combination with other standard treatments. Further information is available at www.faron.com.

 

 

Appointment of Chief Financial Officer

Faron Pharmaceuticals Oy

(“Faron or the “Company”)

 

Insider Information: Appointment of Chief Financial Officer

 

Company announcement, Inside information

 

15 April 2024 at 2:00 a.m. EDT / 7:00 a.m. BST / 9:00 a.m. EEST

 

TURKU, FINLAND / BOSTON, MA – Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company pursuing a CLEVER approach to reprogramming myeloid cells to activate anti-tumor immunity in hematological and solid tumor microenvironments, today announces the appointment of Yrjö Wichmann as the Company’s interim Chief Financial Officer (CFO), effective 15 April, 2024. Mr. Wichmann succeeds James O’Brien, who is leaving Faron to pursue another career opportunity.

 

Mr. Wichmann served as the Company’s CFO between 2014 and 2019 and is an accomplished biotech and financial executive with over 20 years’ experience in financing and investment banking. Most recently, Mr. Wichmann has served as Senior Vice President, Financing & IR at Faron. Prior to his roles at Faron, Mr Wichmann held a number of senior positions within the life sciences and biotechnology sector at IP Finland Oy, Biohit Oyj (NASDAQ OMX Helsinki), CapMan Oyj, FibroGen Europe Oyj (NASDAQ) and D. Carnegies & Co AB. He is a member of the Investment Committee at Dasos Timberland Fund I and II and a board member at Nordic Science Investment Oy. Mr Wichmann holds a Master’s in Economics from Helsinki University.

 

“As a former CFO of this Company and, most recently, our Senior Vice President, Financing & IR, Yrjö is well positioned to take up the role of Interim CFO whilst we look for a permanent replacement.” said Chief Executive Officer of Faron, Dr. Markku Jalkanen. “On behalf of the Board, I would like to thank Jim for his service to Faron. His contributions, during very challenging market conditions, have been considerable and very much appreciated, and we wish him all the best in his next role.”

  

Mr. Wichmann, incoming Interim Chief Financial Officer said: “As we continue to progress our ambitious program for bexmarilimab, my priority is to advance a financing plan that will secure our cash runway and enable the rapid development of this important, novel immunotherapy, which has enormous potential for patients and shareholders. I look forward to working with Markku, the Board and incoming CEO, Juho Jalkanen, to deliver on our next milestones.”

 

James O’Brien, outgoing Chief Financial Officer, said: “During my time at Faron, I have been impressed by the strength of its science and by the professionalism and unwavering commitment of the team, and I continue to believe in the potential of bexmarilimab to provide a new, safe and effective treatment option for patients suffering from aggressive cancers.  I wish the team great success for the future.”

 

 

For more information please contact:

 

Faron Pharmaceuticals

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

About Faron Pharmaceuticals Oy 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

Decisions of the Board of Directors

Faron Pharmaceuticals Oy

(“Faron or the “Company”)

Decisions of the Board of Directors

Company announcement, April 8, 2024 at 9:05 (EEST) / 7:05 AM (GMT) / 12:05 AM (EDT)  

TURKU, FINLAND / BOSTON, MA – The annual general meeting (“AGM”) of Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON) took place on April 5, 2024 and after the AGM, the Board of Directors (“Board”) convened.

 

Frank Armstrong and Erik Ostrowsi did not stand for re-election and thus their tenure in the Company Board of Directors ended at the end of the AGM on 5 April, 2024.

 

At the meeting of the Board held following the AGM, Tuomo Pätsi was elected as the Chair of the Board.

 

In addition, the Board elected the Chairs and other members to the Board committees from among its members as follows:

  • Markku Jalkanen was elected the Chair of the Audit Committee and Marie-Louise Fjällskog and John Poulos were elected as members of the Audit Committee.
  • Tuomo Pätsi was elected the Chair of the Nomination Committee and Markku Jalkanen and Christine Roth were elected as the other members of the Nomination Committee.
  • John Poulos was elected as the Chair of the Remuneration Committee and Tuomo Pätsi and Christine Roth were elected as the other members of the Remuneration Committee.
  • John Poulos was elected as the Chair of the Business Development Committee and Markku Jalkanen and Juho Jalkanen were elected as the other members of the Business Development Committee

For more information please contact:

Faron Pharmaceuticals

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium
Mary-Jane Elliott, David Daley, Lindsey Neville
Phone: +44 (0)20 3709 5700
E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

About Faron Pharmaceuticals Oy 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

 

Appointment of Chief Executive Officer

Faron Pharmaceuticals Oy

 

(“Faron or the “Company”)

 

Appointment of Chief Executive Officer

 

 

Company announcement, April 8, 2024 at 9:00 (EEST) / 7:00 AM (BST) / 2:00 AM (EDT)  

 

TURKU, FINLAND / BOSTON, MA – Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company pursuing a CLEVER approach to reprogramming myeloid cells to activate anti-tumor immunity in hematological and solid tumor microenvironments, today announces that its Chief Executive Officer (CEO) Dr. Markku Jalkanen, who turns 70 later in 2024, has informed the Board of Directors of his wish to retire from his position as the Company’s CEO during the course of Q2 2024, while continuing in his role as Board Member.

 

As a part of its ordinary tasks and noting the age of the current CEO, the Nomination Committee of the Board has maintained preparedness for CEO succession with the help of a third-party recruitment specialist firm, and considered several options for a potential new CEO for the Company among external and internal candidates. Supported by the preparatory work conducted, the Nomination Committee has concluded that the Company’s current Chief Operating Officer, Dr. Juho Jalkanen, MD, PhD, MSc (economics), would be the best candidate to succeed Dr. Markku Jalkanen as CEO of the Company. Following information from Dr. Markku Jalkanen and the Nomination Committee’s recommendation, the Board has resolved to appoint Dr. Juho Jalkanen as CEO of the Company, effective May 1, 2024, subject to regulatory approval. Dr. Markku Jalkanen will continue as a Board Member and support in the transition of the CEO role throughout 2024.

 

“I am very happy that the AGM approved the proposals by the Board of Directors, creating an opportunity for the Company to continue efforts on fundraising for a longer-term solution. I have worked for the Company since its inception in 2006 and feel that now is the right time for me to retire as CEO of the Company and leave the operative helm,” said Dr. Markku Jalkanen, Chief Executive Officer of the Company. “The Board and I have a plan for a seamless CEO transition and now is the time to make that move. I will continue to give my support to the Company and the new CEO in my continuing role as Board Member. I also strongly believe in the promise of bexmarilimab to provide a new safe and effective cancer treatment option for a vast patient group, either as a stand-alone or combination therapy.”

 

“I am extremely honored that the Board has expressed its confidence in me as I assume the new challenge of CEO. I have enjoyed leading the development of bexmarilimab as COO and look forward to the exciting future ahead of us as I continue to work relentlessly with the Faron team to deliver results for patients and shareholders. I want to thank Markku for his leadership and mentorship as CEO,” said Dr. Juho Jalkanen, the incoming CEO.

 

 

For more information please contact:

 

Faron Pharmaceuticals

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

About Faron Pharmaceuticals Oy 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

Results of the Annual General Meeting

Faron Pharmaceuticals Oy

(“Faron or the “Company”)

Results of the Annual General Meeting

   Change of Directors

Company announcement, 5 April 2024 at 14:00 (EEST) / 12:00 PM (BST)

TURKU, FINLAND / BOSTON, MA – The annual general meeting (“AGM”) of Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON) took place at BioCity in Turku, Finland, today 5 April 2024. The AGM approved all the proposals of the Board of Directors (“Board”) and its committees, set out in the notice of the AGM published on 13 March 2024.

 

Decisions of the AGM
 

The AGM adopted the financial statements of the Company and resolved to discharge the members of the Board and the CEO of the Company from liability for the financial year 2023.

No dividend for the financial year 2023 will be paid, and the losses of the Company for the financial year, amounting to EUR 30.9 Million (IFRS), will be carried forward to the reserve for invested unrestricted equity.

Composition and remuneration of the Board

 

The number of members of the Board was confirmed as five. Tuomo Pätsi, Markku Jalkanen, John Poulos, Marie-Louise Fjällskog and Christine Roth were re-elected to the Board for a term that ends at the end of the next AGM.

The AGM resolved that the annual remuneration of the members of the Board remain unchanged and that EUR 35,000 will be paid to the Board members, in addition to which an annual remuneration of EUR 35,000 will be paid to the chair of the Board. In addition, a further annual remuneration of EUR 11,000 will be paid to the chair of the audit committee, a further annual remuneration of EUR 9,000 will be paid to the chair of the remuneration committee and a further annual remuneration of EUR 6,000 will be paid to the chair of the nomination committee. In addition, a further annual remuneration of EUR 6,000 will be paid to the audit committee members, a further annual remuneration of EUR 5,000 will be paid to the remuneration committee members and a further annual remuneration of EUR 3,000 will be paid to the nomination committee members.

Meeting fees will be paid to the Board members as follows:

  • a meeting fee of EUR 1,000 will be paid to Board members per Board meeting where the Board member was physically present, and which was held on another continent than the member’s place of residence; and
  • No meeting fees will be paid to Board members who were attending a Board meeting but not physically present or for Board meetings held on the same continent than the member’s place of residence.

In addition, all reasonable and properly documented expenses incurred in the performance of duties of the members of the Board would be compensated.

No remuneration will be paid based on the Board membership of the CEO of the Company or a person serving the Company under a full-time employment or service agreement.

Auditor

 

Audit firm PricewaterhouseCoopers Oy (“PwC”) was re-elected as the Company’s auditor. PwC has appointed Panu Vänskä, authorized public accountant (KHT), as the key audit partner. It was decided that the auditor be remunerated in accordance with the invoice approved.

 

Resolution on the establishment of Shareholder’s Nomination Board

 

The AGM resolved to establish a Shareholders’ Nomination Board for the Company and its Charter as proposed by the Board was adopted.

 

Authorization to the Board to decide on the issuance of shares, options or other special rights entitling to shares

 

The Board was authorized to resolve by one or several decisions on issuances of shares, options or other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act, which authorization contains the right to issue new shares or dispose of the Company’s own shares in the possession of the Company. The authorization consists of up to twenty million (20,000,000) new shares in the aggregate (including shares to be received based on options or other special rights), which corresponds to approximately twenty nine (29) per cent of the shares and votes on the date of the AGM Notice, as well as the conveyance of up to the same maximum number (twenty million (20,000,000)) of treasury shares in the possession of the Company.

The Board was authorized to resolve on all other terms and conditions of the issuance of shares, options or other special rights entitling to shares.

The authorization is effective until 30 June 2025. This authorization does not cancel the authorization given to the Board by the Annual General Meeting on 24 March 2023 to resolve on issuances of shares, option rights or other special rights entitling to shares.

Authorization to the Board to decide on the issuance of shares

The Board was authorized to resolve on issuances of shares in connection with a larger share issuance, which authorization contains the right to issue new shares or dispose of the Company’s own shares in the possession of the Company. The authorization consists of up to thirty million (30,000,000) new shares in the aggregate, which corresponds to approximately 43,6 per cent of the shares and votes on the date of the AGM Notice, as well as the conveyance of up to the same maximum number (thirty million (30,000,000)) of treasury shares in the possession of the Company.

The Board was authorized to resolve on all other terms and conditions of the issuance of shares.

The authorization 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.

The authorization does not cancel the remaining authorization given to the Board by the Annual General Meeting on 24 March 2023 to resolve on issuances of shares, option rights or other special rights entitling to shares, nor the authorization resolved by the AGM in agenda item 16.

 

Minutes of the AGM

 

The minutes of the AGM will be available on the Company’s website on 19 April 2024 at the latest.

 

For more information please contact:

Investor Contact

 

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

 

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

About Faron Pharmaceuticals Oy 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

 

Notice of Annual General Meeting 2024

 

Faron Pharmaceuticals Oy
(“Faron” or “Company”)

Notice of Annual General Meeting 2024

 

 

Company announcement on March 13, 2024 at 14:00 GMT / 16:00 EET

NOTICE OF faron pharmaceuticals LTD’s ANNUAL GENERAL MEETING

Shareholders of Faron Pharmaceuticals Ltd (the “Company”) are notified of the Annual General Meeting (the “AGM”) to be held on 5 April 2024 at 10:00 a.m. EEST (Finnish time) at Biocity, meeting room “Presidentti” at Tykistökatu 6, FI-20520 Turku, Finland. The registration of attendees and the distribution of voting slips will commence at the meeting venue at 9:30 a.m. EEST (Finnish time).

The Company’s Annual Report 2023 is available for review and downloading on the Company’s website at https://www.faron.com/.

 

  1. MATTERS ON THE AGENDA OF THE ANNUAL GENERAL MEETING

 

  1. Opening of the meeting

 

  1. Calling the meeting to order

 

  1. Election of persons to scrutinise the minutes and to supervise the counting of votes

 

  1. Recording the legality of the meeting

 

  1. Recording the attendance at the meeting and adoption of the list of votes

 

  1. Presentation of the financial statements, the report of the Board of Directors and the auditor’s report for 2023

 

Review by the CEO.

 

  1. Adoption of the financial statements

 

  1. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

 

The Board of Directors (the “Board”) proposes that no dividend for the financial year 2023 will be paid and that the losses of the Company for the financial year, amounting to EUR 30.9 million (IFRS), will be carried forward to the reserve for invested unrestricted equity.

 

  1. Resolution on the discharge of the members of the Board and the CEO of the Company from liability

 

  1. Resolution on the remuneration of the members of the Board

 

The Board proposes, on the basis of the proposal of the remuneration committee, that the annual remuneration of the members of the Board remain unchanged and that EUR 35,000 will be paid to the Board members, in addition to which an annual remuneration of EUR 35,000 will be paid to the chair of the Board. In addition, a further annual remuneration of EUR 11,000 will be paid to the chair of the audit committee, a further annual remuneration of EUR 9,000 will be paid to the chair of the remuneration committee and a further annual remuneration of EUR 6,000 will be paid to the chair of the nomination committee. In addition, a further annual remuneration of EUR 6,000 will be paid to the audit committee members, a further annual remuneration of EUR 5,000 will be paid to the remuneration committee members and a further annual remuneration of EUR 3,000 will be paid to the nomination committee members.

The Board furthermore proposes that meeting fees will be paid to the Board members as follows:

                a meeting fee of EUR 1,000 will be paid to Board members per Board meeting where the Board member was physically present, and which was held on another continent than the member’s place of residence; and

                no meeting fees will be paid to Board members who were attending a Board meeting but not physically present or for Board meetings held on the same continent as the member’s place of residence.

In addition, it is proposed that all reasonable and properly documented expenses incurred in the performance of duties of the members of the Board would be compensated.

The Board also proposes, on the basis of the proposal of the remuneration committee, that no remuneration will be paid based on the Board membership of the CEO of the Company or a person serving the Company under a full-time employment or service agreement.

  1. Resolution on the number of members of the Board

 

The Board proposes, on the basis of the proposal of the nomination committee, that five (5) members be elected to the Board.

 

  1. Election of members of the Board

 

The Board proposes, on the basis of the proposal of the nomination committee, that John Poulos, Markku Jalkanen, Tuomo Pätsi, Christine Roth and Marie-Louise Fjällskog be re-elected to the Board for a term that ends at the end of the next AGM.

 

Frank Armstrong and Erik Ostrowski have informed the Board that they are not available for re-election.

 

All proposed Board member candidates have given their consent for the election. The proposed Board members have informed the Company that in the event they are elected, they intend to elect Tuomo Pätsi as chair of the Board.

 

Information on the Board member candidates proposed to be re-elected are available on the Company’s website at https://www.faron.com/faron/leadership/board-directors.

 

  1. Resolution on the remuneration of the auditor

 

The Board proposes, on the basis of the proposal of the audit committee, that the auditor be remunerated in accordance with the invoice approved.

 

  1. Election of the auditor

 

The Board proposes, on the basis of the proposal of the audit committee, that PricewaterhouseCoopers Oy (“PwC”), a firm of authorised public accountants, be re-elected as the Company’s auditor.

 

PwC has informed the Company that it will appoint Panu Vänskä, authorised public accountant (KHT), as the key audit partner.

 

  1. Resolution on the establishment of Shareholder’s Nomination Board

 

The Board proposes that a Shareholders’ Nomination Board be established for the Company and its Charter is adopted.

 

According to the proposal, the main duty of the Shareholders’ Nomination Board would be to prepare the proposals on the number, composition and remuneration of the members of the Board to the Annual General Meeting and, if needed, to the Extraordinary General Meeting. In accordance with the proposal, the Shareholders’ Nomination Board is established until further notice until otherwise decided by the General Meeting of shareholders.

 

The Shareholders’ Nomination Board would consist of three (3) members, including the chair of the Nomination Board, and the chair of the Company’s Board as an expert without being an official member. The members of the Shareholders’ Nomination Board would be elected by a meeting of the Company’s five (5) largest shareholders who, on 31 August preceding the next Annual General Meeting, hold the largest number of votes calculated of all shares in the Company (as further provided in the proposed Charter). The term of office of the members of the Shareholders’ Nomination Board would expire annually upon the appointment of the subsequent Shareholders’ Nomination Board (to be appointed after the next Annual General Meeting following the appointment or otherwise in accordance with proposed Charter).

 

The election process, as well as the composition, tasks and activities of the Shareholders’ Nomination Board are defined in more detail in its Charter. The proposal for the Charter is available on the Company’s website at https://www.faron.com/investors/general-meetings.

 

  1. Authorising the Board to decide on the issuance of shares, option rights or other special rights entitling to shares

 

The Board proposes that the AGM authorise the Board to resolve by one or more decisions on issuances of shares, option rights or other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act, which authorisation contains the right to issue new shares or dispose of the Company’s treasury shares held by the Company. The authorisation would consist of up to twenty million (20,000,000) new shares in the aggregate (including shares to be received based on option rights or other special rights), which corresponds to approximately twenty nine (29) per cent of the existing shares and votes in the Company (as of the date of this notice), as well as the conveyance of up to the same maximum number (twenty million (20,000,000)) of treasury shares held by the Company.

 

In practise, the above authorisation includes that the Board may first resolve on one or more share issues (up to the maximum number of twenty million (20,000,000) new shares) without consideration to the Company itself and then further convey such treasury shares (up to the maximum number of twenty million (20,000,000) shares) against consideration.

 

The authorisation would not exclude the Board’s right to decide on the issuance of shares, option rights or other special rights entitling to shares in deviation from the shareholders’ pre-emptive rights.

 

The authorisation is proposed to be used for material arrangements from the Company’s point of view, such as financing (including, without limitation, issuance of warrants under the funding agreement with IPF Partners announced on 28 February 2022) or implementing business arrangements, investments or for other such purposes determined by the Board in which case a weighty financial reason for issuing shares, option rights or other special rights entitling to shares, and possibly deviating from the shareholders’ pre-emptive rights, would exist.

 

For the sake of clarity, it is noted that in no circumstances can the total number of new shares to be registered under this authorisation exceed twenty million (20,000,000) new shares in aggregate.

 

The Board would be authorised to resolve on all other terms and conditions of the issuance of shares, option rights or other special rights entitling to shares.

 

The authorisation would be effective until 30 June 2025. This authorisation does not cancel the authorisation given to the Board by the Annual General Meeting on 24 March 2023 to resolve on issuances of shares, option rights or other special rights entitling to shares.

 

  1. Authorising the Board to resolve on the issuance of shares

 

Background to the proposal

 

The Company previously announced on 4 March 2024 that it is continuing active endeavours and is in discussions to secure its short and longer-term financing needs. In connection hereto, it was announced that the Board of the Company intends to propose to the AGM an authorisation for a larger share issue to cover the Company’s financing needs for the year 2024, contemplated to be launched as a public offering (with, in the event of an over-subscription, planned allocation preferences to existing shareholders and bridge finance lenders, and in compliance with the relevant securities markets regulation) (the “Offering”) as soon as practicable once the required preparations and approvals are in place. Subject to the AGM approving the authorisation for the contemplated Offering, the required approvals being obtained and observing the market conditions, the subscription period is currently expected to commence and end during the first half of 2024.

 

The authorisation is proposed to be used, inter alia to repay short-term financing obligations of the Company, to strengthen the balance sheet as well as the capital structure of the Company and to continue financing the Company’s operations for the year 2024. If further authorisations, in addition to those proposed by the Board to the AGM, would be required, these would be separately proposed to and handled at an Extraordinary General Meeting.

 

The authorisation is sought for a contemplated directed share issue and otherwise with broad discretion for the Board to allow flexibility for the Company to arrange the contemplated Offering also in a manner involving the Company’s shareholders, in a timely manner and at the most beneficial terms available, as well as to facilitate the Company’s bridge financing requirements. Due to the Company’s AIM listing, arranging a rights issue post-Brexit would involve separate regulatory approval processes in Finland and the UK which would be challenging, time consuming and expensive. Hence, as currently contemplated, the most likely structure for the contemplated Offering would include (i) a public offering of shares in Finland with private placements in the EEA, and (ii) a separate UK “open offer” of shares (or depositary interests) to current UK shareholders (or holders of depositary interests) always capped at a total consideration of less than EUR 8 million. A limited number of other non-EEA investors could also be included in the Finnish public offering subject to and under applicable rules and exemptions, all as and subject to the final terms of the contemplated Offering. Further, the Finnish public offering could be structured in a way, where the subscription price (or price range) and a maximum number of shares would be determined before the launch of the contemplated Offering by the Board. Shareholders would not be granted subscription rights, but they could make subscriptions in accordance with the terms and conditions of the contemplated Offering, when available. The Finnish public offering could include separate retail and institutional tranches, with allocation preferences to existing shareholders and bridge financing lenders in the event of an over-subscription, to be determined in more detail, along with the other terms and conditions. The UK open offer would be made to UK-resident holders of shares or depositary interests and could include an “excess application facility” allowing UK holders to apply for more than their pro rata allocation in the UK open offer, although the total consideration under the UK open offer would always be capped below EUR 8 million.

 

Authorisation for a directed share issue

 

The Board proposes that the AGM authorise the Board to resolve on a directed share issue by one or several decisions as follows:

 

The shares to be issued under the authorisation are new shares or treasury shares held by the Company. The authorisation would consist of up to of thirty million (30,000,000) new shares in the aggregate, which corresponds to approximately 43.6 per cent of the existing shares and votes in the Company (as of the date of this notice), as well as the conveyance of up to the same maximum number of thirty million (30,000,000) of treasury shares held by the Company.

 

The Board is authorised to decide on the issuance of shares in deviation from the shareholders’ pre-emptive rights and to issue shares without consideration to the Company itself or otherwise, as well as to further convey treasury shares held by the Company.

 

The Board is authorised to resolve on all other terms and conditions of the issuance of shares. A directed share issue always requires a weighty financial reason for the Company and a directed share issue without consideration requires an especially weighty financial reason for the Company, also taking into account the interests of all the Company’s shareholders.

 

The authorisation 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.

 

In practise, the above authorisation includes that the Board may first resolve on one or more share issues (up to the maximum number of thirty million (30,000,000) new shares) without consideration to the Company itself and then further convey such treasury shares (up to the maximum number thirty million (30,000,000) shares). For the sake of clarity, it is noted that in no circumstances can the total number of new shares to be registered under this authorisation exceed thirty million (30,000,000) new shares in aggregate.

 

The authorisation does not cancel the remaining authorisation given to the Board by the Annual General Meeting on 24 March 2023 to resolve on issuances of shares, option rights or other special rights entitling to shares, nor the authorisation proposed to the AGM in agenda item 16, if said authorisation is approved by the AGM.

 

  1. Closing of the meeting

 

 

  1. DOCUMENTS OF THE ANNUAL GENERAL MEETING

 

The above-mentioned resolution proposals to the AGM, the Company’s Annual Report 2023 including the financial statements, the report of the Board of Directors and the auditor’s report and this notice are available on the Company’s website at https://www.faron.com/investors as of the date of publication of this notice. The Board’s proposals and the other above-mentioned documents will also be available at the AGM. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the AGM will be available on the Company’s website as of 19 April 2024 at the latest.

  1. INSTRUCTIONS FOR THE PARTICIPANTS OF THE ANNUAL GENERAL MEETING

 

  1. The right to participate and registration

 

Each shareholder who on the record date of the AGM, being 22 March 2024 is registered in the Company’s shareholders’ register held by Euroclear Finland Oy has the right to participate in the AGM. A shareholder whose shares are registered on their personal Finnish book-entry account is registered in the Company’s shareholders’ register. If you do not have a Finnish book-entry account, see section C.3 “Holder of nominee-registered shares (including depositary interest holders)”.

A shareholder who is registered in the Company’s shareholders’ register and who wants to participate in the AGM should register for the meeting by no later than 10:00 a.m. EEST (Finnish time) on Tuesday, 2 April 2024 by giving a prior notice of participation. The notice must be received before the end of the registration period. Notice of participation can be given:

          by email to general.meeting@faron.com or

          by mail to Faron Pharmaceuticals Ltd, attn. Kaisa Kyttä, Joukahaisenkatu 6, FI-20520 Turku, Finland.

When registering, a shareholder shall state their name, personal identification number / business identity code, address, telephone number and the name of a possible proxy representative, legal representative or assistant and the personal identification number of the proxy representative or legal representative. The personal data given by shareholders to the Company are used only in connection with the AGM and the necessary processing of related registrations.

Shareholders, and their authorised representatives or proxy representatives should be able to prove their identity and/or right of representation at the meeting venue upon request.

  1. Proxy representative and powers of attorney

 

Shareholders may participate in the AGM and exercise their rights at the meeting by way of proxy representation. A proxy representative must present a dated power of attorney or other reliable proof of their authority to represent the shareholder.

If a shareholder participates in the AGM by means of several proxy representatives, who represent the shareholder with shares held in different book-entry accounts, the shares represented by each proxy representative shall be identified when registering for the AGM.

The Company offers the possibility for shareholders to designate Yrjö Wichmann, VP, Financing & IR, as their proxy representative, to represent them at the AGM in accordance with shareholder’s voting instructions. Authorizing the designated proxy representative will not accrue any costs for the shareholder, excluding possible postal fees for proxy documents.

Possible proxy documents should be sent by email to general.meeting@faron.com and in originals to Faron Pharmaceuticals Ltd, attn. Kaisa Kyttä, Joukahaisenkatu 6, FI-20520 Turku, Finland before the end of registration period by which time the proxy documents must be received.

In addition to providing proxy documents, the shareholder or their proxy representative must take care of registering for the AGM in the manner described in this notice.

  1. Holder of nominee-registered shares (including depositary interest holders)

 

A holder of nominee-registered shares (including depositary interest holders) has the right to participate in the AGM by virtue of such shares based on which the holder would be entitled to be registered in the Company’s shareholders’ register held by Euroclear Finland Oy on the AGM’s record date of 22 March 2024.

Additionally, participation requires that the holder of nominee-registered shares is on the basis of such shares temporarily registered in the Company’s shareholders’ register held by Euroclear Finland Oy by 10:00 a.m. EEST (Finnish time) on Tuesday, 2 April 2024. As regards nominee-registered shares, this constitutes due registration for the AGM.

A holder of nominee-registered shares is advised to request the necessary instructions regarding temporary registration in the shareholders’ register, issuing of proxy documents and registration for the AGM from their custodian bank without delay. A holder of nominee-registered shares shall note that custodian banks may apply deadlines for the registration and the providing of voting instructions of holders of nominee-registered shares. The account management organisation of the custodian bank must register a holder of nominee-registered shares who wants to participate in the AGM to be temporarily entered into the Company’s shareholders’ register by the above-mentioned time.

  1. Other instructions and information

 

Pursuant to Chapter 5, Section 25 of the Finnish Limited Liability Companies Act, shareholders who are present at the AGM are entitled to request information regarding the matters on the agenda of the AGM.

Changes in shareholding occurred after the record date of the AGM do not affect the right to participate in the AGM or the number of votes held by a shareholder.

On the date of this notice, 13 March 2024, the total number of shares and votes in the Company is 68,807,199.

The AGM shall be held in Finnish, partially translated into English.

 

Turku, 13 March 2024

FARON PHARMACEUTICALS LTD

Board of Directors

 

 

 

For more information please contact:

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

About Faron Pharmaceuticals Ltd

 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

Replacement – Update to 2024 Financial Calendar

The following amendments have been made to the ‘Update to Faron’s Financial Calendar for 2024‘ announcement released on 27 February 2024 at 1:00 p.m. EST / 6:00 p.m. GMT / 8:00 p.m. EET under RNS No 6663E.

 

          Replacement wording included.

          Change of date of the Company’s AGM and publication of 2023 financial statement.

          Reasoning for change of date of publishing financial statement release for the full year 2023 and Annual Report 2023, including financial statements for the full year.

          Wording on defined terms.

 

All other details remain unchanged.

The full amended text is shown below.

 

Faron Pharmaceuticals Oy
(“Faron” or “Company”)

 

Replacement – Update to Faron’s Financial Calendar for 2024

 

 

Company announcement February 28, 2024, at 4:00 p.m. GMT / 6:00 p.m. EET

TURKU, FINLAND / BOSTON, MA February 28, 2024 – Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON), a clinical stage biopharmaceutical company focused on tackling difficult-to-treat cancers and inflammation via precision immunotherapy, today announces an update to its financial reporting calendar for 2023, further to the announcement on December 22, 2023. This announcement replaces the previous one dated February 27, 2024.

 

The Company’s financial statement release for the full year 2023 and Annual Report 2023, including financial statements for the full year, will now be published on March 13, 2024, at 2:00 a.m. EST / 07:00 a.m. GMT / 09:00 a.m. EET, rather than on Thursday, February 29, 2024, as had been previously communicated.

 

The publication date of Tuesday, August 27, 2024, for Faron’s half-year financial report for the period January 1 to June 30, 2024, remains unchanged. The Company’s Annual General Meeting is planned to be convened on Friday, April 5, 2024.

 

A separate stock exchange notice will be issued by Faron’s board of directors to convene the meeting.

 

The financial calendar has been amended as a consequence of the breach of the Funding Agreement between IPF and Faron, announced on February 19, 2024. As such, the Board has been unable to approve the accounts for the full year 2023 for publication.

 

Full Year Results Virtual Briefing

Following publication of Faron’s financial statement release for the full year 2023 on March 13, 2024, Dr. Markku Jalkanen, Chief Executive Officer, and James O’Brien, Chief Financial Officer, will host a virtual briefing and Q&A session for analysts on the day at 2:00 p.m. EET / 12:00 p.m. GMT (noon). Presentation link https://faron.videosync.fi/q4-2023

 

The full year results press release for 2023, presentation, virtual briefing webcast details, and Annual Report 2023 will be made available at www.faron.com/investors. A replay of the analyst briefing will be made available shortly afterwards.

 

For more details about the analyst briefing, please contact Faron@consilium-comms.com.

 

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company’s announcement of February 19, 2024.

 

For more information please contact:

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

About Faron Pharmaceuticals Ltd

 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

Update to Faron’s Financial Calendar for 2024

Faron Pharmaceuticals Oy
(“Faron” or “Company”)

 

Update to Faron’s Financial Calendar for 2024

 

 

Company announcement February 27, 2024 at 1:00 p.m. EST / 6:00 p.m. GMT / 8:00 p.m. EET

TURKU, FINLAND / BOSTON, MA February 27, 2024 – Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON), a clinical stage biopharmaceutical company focused on tackling difficult-to-treat cancers and inflammation via precision immunotherapy, today announces an update to its financial reporting calendar for 2023, further to the to the announcement on December 22, 2023.

 

The Company’s financial statement release for the full year 2023 and Annual Report 2023, including financial statements for the full year, will now be published on March 14, 2024, at 2:00 a.m. EST / 07:00 a.m. GMT / 09:00 a.m. EET, rather than on Thursday, February 29, 2024, as had been previously communicated.

 

The publication date of Tuesday, August 27, 2024, for Faron’s half-year financial report for the period January 1 to June 30, 2023, remains unchanged, as does the date for the Company’s annual general meeting, which is planned to be held on Friday, March 22, 2024.

 

A separate stock exchange notice will be issued by Faron’s board of directors to convene the meeting.

 

Full Year Results Virtual Briefing

Following publication of Faron’s financial statement release for the full year 2023 on March 14, 2024, Dr. Markku Jalkanen, Chief Executive Officer, and James O’Brien, Chief Financial Officer, will host a virtual briefing and Q&A session for analysts on the day at 3:00 p.m. EET / 1:00 p.m. GMT. Presentation link https://faron.videosync.fi/q4-2023

 

The full year results press release for 2023, presentation, virtual briefing webcast details, and Annual Report 2023 will be made available at www.faron.com/investors. A replay of the analyst briefing will be made available shortly afterwards.

 

For more details about the analyst briefing, please contact Faron@consilium-comms.com.

 

For more information please contact:

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

About Faron Pharmaceuticals Ltd

 

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

 

Faron Pharmaceuticals to Present at the 42nd Annual J.P. Morgan Healthcare Conference

Faron Pharmaceuticals Oy
(“Faron” or “Company”)

 

Faron Pharmaceuticals to Present at the 42nd Annual J.P. Morgan Healthcare Conference

 

Press release

 

TURKU, FINLAND / BOSTON, MA January 3, 2024 – Faron Pharmaceuticals Oy (AIM: FARN, First North: FARON), a clinical stage biopharmaceutical company pursuing a CLEVER approach to reprogramming myeloid cells to activate immunity in hematological and solid tumor microenvironments, today announces that Dr. Markku Jalkanen, Chief Executive Officer, will present at the 42nd Annual J.P. Morgan Healthcare Conference on Thursday January 11, 2024, at 12pm PT, in San Francisco.

 

The presentation will be accessible through the “Investors” section of the Company’s website at www.faron.com and will be available following the event.

 

About Faron Pharmaceuticals Ltd.

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments treatments and as a monotherapy in last line solid cancers. Further information is available at www.faron.com.

 

For more information please contact:

 

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: Faron@consilium-comms.com

 

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson, Jo Turner

Phone: +44 (0) 207 213 0880

 

Peel Hunt LLP, Broker

Christopher Golden, James Steel

Phone: +44 (0) 20 7418 8900

 

Sisu Partners Oy, Certified Adviser on Nasdaq First North

Juha Karttunen

Phone: +358 (0)40 555 4727

Jukka Järvelä

Phone: +358 (0)50 553 8990

 

 

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