Faron, etusivu

Holding(s) in Company – Replacement

The following amendment has been made to the ‘Holding(s) in Company’ announcement released on 24 June 2024 at 12:45 p.m. BST under RNS No 6230T.

In Section 7 of the TR-1: Standard form for notification of major holdings, the data in the rows  ‘Resulting situation on the date on which threshold was crossed or reached’ and ‘Position of previous notification (if applicable)‘ have been swapped to accurately reflect the reduction in holdings and the crossing of the percentage threshold.

All other details remain unchanged.

The full amended text is shown below.

TR-1: S tandard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Faron Pharmaceuticals Ltd

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

x

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify) iii: Change due the Share Offering

x

3. Details of person subject to the notification obligation iv

Name

Marko Salmi

City and country of registered office (if applicable)

Turku, Finland

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

20.6.2024

6. Date on which issuer notified (DD/MM/YYYY):

20.6.2024

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

2,52%

2,634,679

Position of previous notification (if

applicable)

3,66%

2,645,079

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

FI4000153309

2,634,679

2,52%

SUBTOTAL 8. A

2,634,679

2,52%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

x

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Faron Share Offering 20.6.2024

Place of completion

Turku, Finland

Date of completion

20.6.2024

Holding(s) in Company

TR-1: S tandard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Faron Pharmaceuticals Ltd

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

x

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

x

An acquisition or disposal of financial instruments

x

An event changing the breakdown of voting rights

Other (please specify) iii: Change due the Share Offering

x

3. Details of person subject to the notification obligation iv

Name

Markku Jalkanen (incl. Sirpa Jalkanen)

City and country of registered office (if applicable)

Finland

4. Full name of shareholder(s) (if different from 3.) v

Name

Markku Jalkanen & Sirpa Jalkanen

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

20.6.2024

6. Date on which issuer notified (DD/MM/YYYY):

20.6.2024

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

3,26%

3,413,434

Position of previous notification (if

applicable)

4,69%

3,380,100

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

FI4000153309

3,413,434

3,26%

SUBTOTAL 8. A

3,413,434

3,26%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

x

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Faron Share Offering 20.6.2024

Place of completion

Turku, Finland

Date of completion

20.6.2024

Holding(s) in Company

TR-1: S tandard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Faron Pharmaceuticals Ltd

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

x

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify) iii: Change due the Share Offering

x

3. Details of person subject to the notification obligation iv

Name

Marko Salmi

City and country of registered office (if applicable)

Turku, Finland

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

20.6.2024

6. Date on which issuer notified (DD/MM/YYYY):

20.6.2024

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

3,66%

2,645,079

Position of previous notification (if

applicable)

2,52%

2,634,679

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

FI4000153309

2,634,679

2,52%

SUBTOTAL 8. A

2,634,679

2,52%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

x

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Faron Share Offering 20.6.2024

Place of completion

Turku, Finland

Date of completion

20.6.2024

Holding(s) in Company

TR-1: S tandard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Faron Pharmaceuticals Ltd

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

x

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify) iii: Change due the Share Offering

x

3. Details of person subject to the notification obligation iv

Name

A & B (HK) Company Limited

City and country of registered office (if applicable)

Hong Kong

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

20.6.2024

6. Date on which issuer notified (DD/MM/YYYY):

20.6.2024

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

 3,4%

3,4%

3,559,893

Position of previous notification (if

applicable)

 4,94%

 4,94%

3,559,893

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

FI4000153309

3,559,893

3,4%

SUBTOTAL 8. A

3,559,893

3,4%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

A & B (HK) Company Limited

3,4%

3,4%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Faron Share Offering 20.6.2024

Place of completion

Date of completion

20.6.2024

Holding(s) in Company

TR-1: S tandard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Faron Pharmaceuticals Ltd

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

X

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify) iii: Change due the Share Offering

X

3. Details of person subject to the notification obligation iv

Name

Timo Syrjälä

City and country of registered office (if applicable)

Lausanne, Switzerland

4. Full name of shareholder(s) (if different from 3.) v

Name

20.6.2024

City and country of registered office (if applicable)

20.6.2024

5. Date on which the threshold was crossed or reached vi :

20.6.2024

6. Date on which issuer notified (DD/MM/YYYY):

20.6.2024

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

15,32%

16,024,023

Position of previous notification (if

applicable)

18,48%

13,308,001

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

FI4000153309

5,526,277

10,497,796

5,28%

10,03%

SUBTOTAL 8. A

16,024,023

15,32%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

X

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Timo Syrjälä (Direct)

5,28%

5,28%

Acme Investments SPF Sarl (Indirect)

10,03%

10,03%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Faron Share Offering 20.6.2024

Place of completion

Lausanne, Switzerland

Date of completion

20.6.2024

Replacement – Board Change

The following amendment has been made to the ’Board Change ‘ announcement released on 30 April 2024 at 1:00 PM (BST) under RNS No. 6380M.

 

Juho Jalkanen was appointed as CEO of the Company, but was not appointed to the Board of the Company, therefore the announcement has been changed from “is pleased to announce the appointment of Dr. Juho Jalkanen as director and Chief Executive Officer of the Company…” to “is pleased to announce the appointment of Dr. Juho Jalkanen as Chief Executive Officer of the Company…”.

 

All other details remain unchanged.

 

The full amended text is shown below.

  

 

 

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 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.

 

 

Board Change replacement 130524

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.

 

 

240430 Board Change

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.

 

240414 Appointment of Chief Financial Officer

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.

 

 

2024-04-08 Decisions of the Board of Directors Clean (002)
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