Faron Pharmaceuticals Ltd.
("Faron" or "the Company")
Grant of options
Company announcement, August 7, 2024 at 10.00 a.m. BST / 12:00 p.m. EEST
TURKU, FINLAND - Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company focused on tackling cancers via novel immunotherapies, today announces that the Company's board has confirmed the grant of a total of 645,000 options over new ordinary shares in the Company ("Options") under the Company's Share Option Plan 2019 (including its UK and US sub plans). The Options have been allocated under the Share Option Plan 2019 and are exercisable between June 25, 2025 and June 25, 2029, vesting 25% per annum over four years. The exercise price for Options allocated under the Share Option plan and the UK sub plan corresponds to the subscription price of €1.00 per share, being the same subscription price in the Company's public offering that was closed and announced on 20 June 2024. The exercise price for the 90,000 Options allocated under the US sub plan is €1.35 per share, which is calculated based on the 30-day average price of the Shares prior to the Grant Date. The terms of the Share Option Plan 2019 are available on the Company's website at https://www.faron.com/sites/faron-corp/files/faron/investor/general-meeting/2023/annex-1-amended-option-plan-2019.pdf.
The granted 645,000 Options entitle the option holders to subscribe for a total of 645,000 new ordinary shares in the Company, if exercised in full, and represent 0.61 % of the fully diluted ordinary share capital of the Company.
Included in the number of Options granted are the following Options which were issued to directors, other persons discharging managerial responsibilities ("PDMRs"), scientific advisory board ("SAB") members and Company personnel:
| Director | Options granted |
| | |
| Marie-Louise Fjällskog | 30,000 |
| Markku Jalkanen | 30,000 |
| John Poulos | 30,000 |
| Tuomo Pätsi | 100,000 |
| Christine Roth | 30,000 |
| Total directors | 220,000 |
| | |
| Other PDMR | |
| Juho Jalkanen | 200,000 |
| Maija Hollmén | 6,000 |
| Vesa Karvonen | 30,000 |
| Yrjö Wichmann | 60,000 |
| Kaisa Kyttä | 11,000 |
| | |
| Total other PDMRs | 307,000 |
| | |
|
|
|
| | |
| Total Company personnel | 118,000 |
For the purposes of MAR and UK MAR, the person responsible for arranging for the release of this announcement on behalf of Faron is Juho Jalkanen, Chief Executive Officer.
For more information please contact:
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 BEXMAB
The BEXMAB study is an open-label Phase I/II 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.
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 reprogramming 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. Further information is available at www.faron.com.
| Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a. | Name | a) Marie-Louise Fjällskog b) Markku Jalkanen c) John Poulos d) Tuomo Pätsi e) Christine Roth f) Juho Jalkanen g) Maija Hollmén h) Vesa Karvonen i) Yrjö Wichmann j) Kaisa Kyttä | ||||||
| 2 | Reason for notification |
| ||||||
| a. | Position/Status | Person discharging managerial responsibilities/person closely associated | ||||||
| b. | Initial notification/ Amendment | Initial notification | ||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a. | Name | Faron Pharmaceuticals Oy | ||||||
| b. | LEI | 7437009H31TO1DC0EB42 | ||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
| a. | Description of the financial instrument, type of instrument | Options over new ordinary shares | ||||||
| b. | Nature of the transaction | Grant of options made under the Faron Share Option Plan 2019 - under the UK and US sub plans the options are exercisable at €1.00 per ordinary share, and at €1.35 per ordinary share respectively. | ||||||
| c. | Price(s) and volume(s) | |
| | | | ||
| | Price(s) | Volume(s) | | |||||
| a) €1.35 b) €1.00 c) €1.35 d) €1.00 e) €1.35 f) €1.00 g) €1.00 h) €1.00 i) €1.00 j) €1.00
| a) 30,000 b) 30,000 c) 30,000 d) 100,000 e) 30,000 f) 200,000 g) 6,000 h) 30,000 i) 60,000 j) 11,000 | | ||||||
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| d. | Aggregated information
- Aggregated Volume
- Price |
Nil
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| e. | Date of the transaction | 7 August 2024 | ||||||
| f. | Place of the transaction | Turku
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