Faron Pharmaceuticals Ltd on Monday said it will promote its chief operating officer to chief executive to replace his father, the company’s founder.

Turku, Finland-based Faron is a clinical-stage biopharmaceutical company, focused on treating cancers via immunotherapies.

Markku Jalkanen will retire as CEO during the second quarter but will remain a board member. Markku Jalkanen founded Faron in 2006 and turns 70 later this year.

COO Juho Jalkanen will become CEO from May 1. Juho Jalkanen joined Faron in 2027 as vice president of business development, before moving to chief development officer and then chief operating officer.

Juho Jalkanen is Markku Jalkanen’s son.

The announcement of the change at the top followed an eventful week for Faron. On Thursday, Faron said it raised €4.8 million from the placement of 3.2 million new shares at €1.50 each. The equity raise secured a previously announced €3.2 million convertible loan, providing €8.0 million in total new financing.

At Faron’s annual general meeting on Friday, Tuomo Patsi was elected company chair, while two directors, Frank Armstrong and Erik Ostrowsi, left the board.

‘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,’ said Markku Jalkanen.

‘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.’

Faron shares were up 5.1% at 139.25 pence in London on Monday. The stock is down 55% over the past 12 months.

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