Faron Pharmaceuticals celebrates successful IPO on LSE AIM Market
The London Stock Exchange has formally welcomed Faron Pharmaceuticals Ltd to the AIM Market. Faron listed on AIM on 17th November 2015 after a successful fundraising of £10.0 million. The offering was well supported by existing shareholders and new institutional shareholders.
Faron is a clinical stage drug discovery and development company focused on creating novel treatments for medical conditions with significant unmet needs. Based in Turku, Finland, the Company currently has a pipeline of products focusing on acute organ traumas, cancer immunotherapy and vascular damage.
The Company’s lead candidate Traumakine®, has been developed to treat acute respiratory distress syndrome (“ARDS”), a rare, severe, life threatening medical condition for which there is currently no approved pharmaceutical treatment. The new funds are being used primarily to fund the Company´s initial pan-European Phase III clinical trial, INTEREST, in respect of Traumakine® for the treatment of ARDS. The net proceeds will also enable Faron to progress its novel cancer immunotherapy candidate Clevegen.
Dr Markku Jalkanen commented:”Faron’s fundraising and admission to AIM is an important landmark for the Company. We believe that the support shown by both new and existing shareholders demonstrates a strong understanding of the value of our late stage product Traumakine®, for the treatment of acute respiratory distress syndrome (ARDS). Currently there are no approved pharmacological treatments for this life threatening medical condition with a reported 30–45% mortality rate. ”
“Admission to AIM provides a great opportunity to strengthen our business and support our objectives of progressing our lead programme through the on-going pan-European Phase III trial, and the development of our pre-clinical cancer immunotherapy candidate, Clevegen. We look forward to reporting on the Company's continuing progress as an AIM-quoted company and would like to welcome and thank our investors for their involvement.”