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Faron Pharmaceuticals to raise about £10M through placing, subscription

Faron Pharmaceuticals Oy said its placing and subscription was fully subscribed, with the Finland-based company expected to raise about £10 million before expenses.

The company is planning to issue 1,123,750 placing shares and 126,250 subscription shares at the issue price of 800 pence per share.

Faron said existing and new institutional shareholders participated in the placing and subscription.

The first issue of shares would involve 537,713 placing and 59,885 subscription shares.

While the first issue shares are expected to start trading on Oct. 11, the second issue shares are expected to be admitted for trading on or around Oct. 13.

The proceeds are expected to help the company commercialize its lung disease treatment Traumakine and fund clinical development of potential cancer drug Clevegen, said Faron CEO Markku Jalkanen.