Faron Pharmaceuticals Ltd on Thursday said it has raised €12 million from an oversubscribed placing ahead of upcoming trial results.
The Turku, Finland-based developer of cancer immunotherapies said the placing was oversubscribed 1.8 times so the board increased the offering.
The firm placed around 7.0 million shares at €1.72 each.
Shares in Faron were up 9.8% to 164.70 pence in London on Thursday morning.
Faron said the placing was conducted to strengthen its financial position ahead of the topline readout from the Bexmab phase two trial, which is expected in April.
The company said it will continue to evaluate further licensing agreements and other financing alternatives.
Chief Financial Officer Yrjo Wichmann said: ‘This fundraising is pivotal and comes at an exciting time for Faron. As we will soon see topline data from the Phase II of the Bexmab clinical trial, it was important to raise funds to provide a cash runway into December 2025.
‘The investor interest has been stronger than anticipated which demonstrates that the market shares our strong belief in the company and bexmarilimab. We would like to thank all our investors for their continued support in developing this novel immunotherapy.’
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