TURKU, FINLAND / BOSTON, MA, June 28, 2022 - Faron Pharmaceuticals Ltd (First North: FARON, AIM: FARN), a clinical stage biopharmaceutical company focused on building the future of immunotherapy by harnessing the power of the immune system to tackle cancer and inflammation, today announces that it has conducted a placement to raise EUR 5 million to a limited number of institutional investors and other investors including The Leukemia & Lymphoma Society Therapy Acceleration Program® (LLS TAP). Upon receipt of these proceeds, the Company expects to have sufficient working capital into Q1 2023.
"We are extremely pleased with the results of this Placing, including an investment from The Leukemia & Lymphoma Society Therapy Acceleration Program® (LLS TAP), a funding initiative to accelerate innovative blood cancer therapeutics and change the standard of care in leukemia, lymphoma, and multiple myeloma," said Toni Hänninen, Chief Financial Officer of Faron. "These funds raised strengthen our balance sheet and will allow us to continue accelerating our bexmarilimab development program, which includes our monotherapy MATINS trial and combination studies in hematologic malignancies and solid tumors."
"We are excited to invest in and partner with Faron and look forward to leveraging our organization and network to help advance their development of bexmarilimab," said Lore Gruenbaum, PhD, Vice President, The Leukemia & Lymphoma Society Therapy Acceleration Program® (LLS TAP). "There is a critical need to develop new treatment options for blood cancer patients and novel combination therapies, like those being explored by Faron, are particularly promising because they can work synergistically to not only treat the cancer, but also activate a systemic response by the patient's own immune system."