Faron, etusivu

Issuance of warrants

Faron Pharmaceuticals Oy

(“Faron” or the “Company”)

Issuance of warrants

Company Announcement, 17 May 2024 at 18:00 (EEST) / 16:00 (BST) / 11:00 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 it has issued to its lender IPF Fund II SCA, SICAV-FIAR (“IPF”) 333,333 warrants (“Warrants”) in accordance  with the announcement released on 30 April 2024 in relation to a waiver extension. The strike price is 1.50 euros for these Warrants and it will be adjusted to any lower subsequent subscription price of shares in any future share issue. Each Warrant entitles its holder to subscribe for one new share in the Company, and the Warrants may be exercised for a period of seven years.

 

Pursuant to the terms of the restated warrant holder agreement entered into between the Company and IPF on 17 May 2024, the number of the Warrants to be issued to IPF may be further increased upon (and subject to) agreed adjustment events so that the total number of new shares in the Company (as a result of the exercise of the Warranties) multiplied by the (adjusted, if applicable) strike price is equal to EUR 500,000 (minus any amounts already paid). For that purpose, the Board of Directors of Faron has approved the terms and conditions for 750,000 Warrants of which the 333,333 Warrants are now issued. The terms and conditions of the Warrants are available on the Company’s website. Any further issuances will be announced separately.

 

On the date of this announcement, IPF holds 1,320,343 warrants, which entitle them to subscribe for the same number of shares in the Company using strike price EUR 1.50, representing 1.8% of the current number of shares in the Company (72,007,497).

 

 

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.

 

 

Founders named European Inventor Award finalists

Faron Pharmaceuticals Oy

 

(“Faron” or the “Company”)

 

 

Faron founders and bexmarilimab developers selected as finalists for the European Inventor Award 2024

 

Press Release, May 16, 2024 at 9:00 (EEST) / 7:00 AM (BST) / 2:00 AM (EDT)  

 

–          Dr. Markku Jalkanen and Dr. Sirpa Jalkanen, Faron’s co-founders, have been nominated as one of three finalists in the ‘SMEs’ category of prestigious European Patent Office Awards

–          Nominated in recognition of research developing bexmarilimab, an investigational immunotherapy optimising clinical outcomes in cancer treatment

–          Voting now open for “Popular Prize” award ahead of ceremony on July 9 via dedicated link: Sirpa Jalkanen and Markku Jalkanen | Epo.org

 

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 nomination of its co-founders, Dr. Markku Jalkanen and Dr. Sirpa Jalkanen, as finalists in the ‘SMEs’ category of the European Inventor Award 2024.

 

Dr. Markku Jalkanen, co-founder, Board member and former CEO of Faron, and Dr. Sirpa Jalkanen, co-founder and member of Faron’s Scientific Advisory Board, have been nominated in recognition of their research developing Faron’s wholly owned precision cancer immunotherapy candidate, bexmarilimab. One of the most advanced myeloid cell-targeting immunotherapy candidates in development, bexmarilimab is designed to target the Clever-1 receptor present on macrophages, activating anti-tumor immunity in hematological and solid tumor microenvironments to overcome resistance and provide better patient outcomes.

 

Bexmarilimab is currently being investigated in the ongoing BEXMAB trial, evaluating the candidate’s safety and efficacy in combination with standard of care (SoC) in patients with hypomethylating agents (HMAs)-refractory or relapsed myelodysplastic syndrome (MDS), an aggressive myeloid leukemia with very few treatment options.

 

In addition, every year, the public can vote for their favorite inventor: the Popular Prize goes to the shortlisted inventor with the most votes. The winners in each category, and the winner of the Popular Prize, will be announced at the online award ceremony on 9 July 2024. For further information and to vote for the Popular Prize, visit: Sirpa Jalkanen and Markku Jalkanen | Epo.org

 

Dr. Markku Jalkanen, Board member and former CEO of Faron, said: “It is an honor to be recognized by the European Patent Office and nominated for this prestigious award. The continued progress of our ambitious bexmarilimab development program and the exceptional data we are seeing in the ongoing Phase I/II BEXMAB trial, reaffirms our belief in the potential of bexmarilimab to change the treatment paradigm.  These highly significant findings provide us with continued confidence that bexmarilimab can improve the quality of life of those suffering from these aggressive hematological cancers, where there are limited options available for future therapy.”

 

Launched by the European Patent Office in 2006, the European Inventor Award is one of Europe’s most renowned innovation prizes. This award recognizes people behind successful inventions in small and medium-sized enterprises (SMEs) and honors individuals who transform their ideas into solutions to address some of the biggest challenges of our time.

 

 

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.

 

About BEXMAB

The BEXMAB study is an open-label Phase 1/2 clinical trial investigating bexmarilimab in combination with standard of care (SoC) in the aggressive hematological malignancies of acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The primary objective is to determine the safety and tolerability of bexmarilimab in combination with SoC (azacitidine) treatment. Directly targeting Clever-1 could limit the replication capacity of cancer cells, increase antigen presentation, ignite an immune response, and allow current treatments to be more effective. Clever-1 is highly expressed in both AML and MDS and associated with therapy resistance, limited T cell activation and poor outcomes.

 

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.

 

 

240429_European Inventor Award Final (002) - Final

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

Faron confirms plans under new leadership

Faron Pharmaceuticals Oy

(“Faron” or the “Company”)

 

Faron confirms plans for the coming months under new leadership

 

–        Initial data from ongoing Phase 2 part of BEXMAB trial anticipated next month

–        Incoming CEO, Juho Jalkanen, to accelerate discussions with US regulator to coordinate plans for obtaining marketing approval for MDS patients that have failed HMA

 

Press Release, April 16, 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 ongoing plans and activities for the coming months following the recent announcement of the proposed appointment of Dr. Juho Jalkanen as Chief Executive Officer, effective 1 May 2024.

 

Initial data from the ongoing Phase 2 part of the BEXMAB trial, evaluating the safety and efficacy of bexmarilimab in combination with standard of care (SoC) in patients with hypomethylating agents (HMAs)-refractory or relapsed myelodysplastic syndrome (MDS), is expected to be announced during the week commencing 20 May 2024. This data read out will be important for ongoing partnering discussions and the major upcoming industry events that Faron will be attending, including the American Society for Clinical Oncology (ASCO) annual meeting and the Bio International Convention, taking place in June 2024.

 

Given the promising data already seen in the Phase 1 part of the trial, among HMA-failed MDS patients who have no approved treatment options, the Company plans to approach the US Food and Drug Administration (FDA) earlier than planned this year, seeking a Scientific Advice meeting regarding its registrational study plan, in order to coordinate and finalize plans that may lead to marketing approval. 

 

“2024 is set to be a pivotal year for Faron in the delivery of key milestones that will be critical to the further development of bexmarilimab,” said Dr. Juho Jalkanen, Faron’s incoming Chief Executive Officer. “In my new role as CEO I am excited to start executing on some of these key activities and to accelerating important discussions with the FDA as we map our future plans for bexmarilimab together. There is a tremendous need for an effective treatment in HMA-failed MDS patients and so we are very keen to ensure we get this treatment option to patients as soon as we can.”

 

 

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.

 

Plans under new leadership clean release1 FINAL

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

Approval of Warrant Terms and Conditions

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

 

Approval of Warrant Terms and Conditions

 

Company announcement, April 8, 2024 at 12:10 AM (EDT) / 7:10 AM (BST) / 9:10 AM (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 that the Board of Directors of Faron has approved the terms and conditions of the remaining 832,934 warrants pursuant to the terms of the warrantholder agreement (the “Warrantholder Agreement”) entered into between the Company and IPF as announced on March 28, 2024. It was previously announced that the maximum total number of warrants to be granted pursuant to the Warrantholder Agreement is 1,500,000, and the Board of the Company shall cause the registration of the remaining warrants after the Annual General Meeting 2024 of the Company, held on April 5, 2024. Each warrant entitles its holder to subscribe for one new share in the Company.

 

Further, pursuant to the terms of the Warrantholder Agreement, the number of warrants to be issued to IPF may be further increased upon (and subject to) agreed adjustment events so that the total number of new shares in the Company (issued as a result of the exercise of the increased number of warrants) multiplied by the (adjusted) subscription price per share in any subsequent share offering undertaken by the Company is equal to EUR 1,000,000 (minus any amounts already paid). The Company announced on April 4, 2024, that the Company had resolved to issue an additional 53,570 warrants to IPF based on the placement of 3,200,298 newly issued treasury shares at the issue price of EUR 1.50.

 

The strike price of the IPF warrants is currently EUR1.50 and will be adjusted to any lower subsequent subscription price of shares in any future share issue. The Company will separately publish an announcement on the issuance of any of the additional warrants.

 

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@consilimcomms.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.

 

 

2024-04-08 - Approval of warrant Cleanv1

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)

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.

 

2024-04-08 Appointment of Chief Executive Officer Clean
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