Faron Pharmaceuticals Ltd
("Faron" or the "Company")
Grant of options
Company announcement, September 22, 2022 at 09:00 AM (EEST) / 07:00 AM (BST) / 02:00 AM (EST)
TURKU, FINLAND / BOSTON, MA - Faron Pharmaceuticals Ltd (AIM: FARN, First North: FARON), 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, announces that the Board of Faron has confirmed the grant of a total of 129,000 options options over ordinary shares in the Company ("Options") under 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 24 August 2023 and 24 August 2027, vesting 25% per annum over a period of four years. The exercise price for Options allocated under the Share Option plan is €2.50 per share (£2.11), which is calculated based on the average price per share at which the ordinary shares in the Company have been traded on AIM for 90 days preceding the allocation date of 24 August 2022. The exercise price for Options allocated under the US sub plan is €2.38 per share (£2.01), which is calculated based on the average price per share at which the ordinary shares in the Company have been traded on AIM for 30 days preceding the allocation date of 24 August 2022. The terms of the Share Option Plan 2019 are available on the Company's website at https://www.faron.com/investors/general-meetings/2020.
The granted Options entitle the option holders to subscribe for a total of 129,000 new ordinary shares in the Company, if exercised in full, and represent 0.23 % 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 a director or other persons discharging managerial responsibilities ("PDMRs"):
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Director |
Options granted |
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Erik Ostrowski (U.S Sub-Plan) |
30,000 |
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Other PDMRs |
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Vesa Karvonen (Share Option plan) |
30,000 |
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Juuso Vakkuri (Share Option plan) |
20,000 |
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For more information please contact:
Investor Contact
Faron Pharmaceuticals
Julia Balanova
VP, Investor Relations
Phone: +1 (917) 306-6096
Media Contact
Faron Pharmaceuticals
Eric Van Zanten
VP, Communications
Phone: +1 (610) 529-6219
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
Consilium Strategic Communications
Mary-Jane Elliott, David Daley, Lindsey Neville
Phone: +44 (0)20 3709 5700
About Faron Pharmaceuticals Oy
Faron (AIM: FARN, First North: FARON) is a clinical stage biopharmaceutical company developing novel treatments for medical conditions with significant unmet needs caused by dysfunction of our immune system. The Company currently has a pipeline based on the receptors involved in regulation of immune response in oncology, organ damage and bone marrow regeneration. Bexmarilimab, a novel anti-Clever-1 humanized antibody, is its investigative precision immunotherapy with the potential to provide permanent immune stimulation for difficult-to-treat cancers through targeting myeloid function. Currently in Phase I/II clinical development as a potential therapy for patients with untreatable solid tumors, bexmarilimab has potential as a single-agent therapy or in combination with other standard treatments including immune checkpoint molecules. Traumakine is an investigational intravenous (IV) interferon beta-1a therapy for the treatment of acute respiratory distress syndrome (ARDS) and other ischemic or hyperinflammatory conditions. Traumakine is currently being evaluated in global trials as a potential treatment for hospitalized patients with COVID-19 and with the 59th Medical Wing of the US Air Force and the US Department of Defense for the prevention of multiple organ dysfunction syndrome (MODS) after ischemia-reperfusion injury caused by a major trauma. Faron is based in Turku, Finland. Further information is available at www.faron.com.
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Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 |
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a. |
Name |
a) Erik Ostrowski b) Vesa Karvonen c) Juuso Vakkuri |
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2 |
Reason for notification |
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a. |
Position/Status |
Person discharging managerial responsibilities |
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b. |
Initial notification/ Amendment |
Initial Notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a. |
Name |
Faron Pharmaceuticals Oy |
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b. |
LEI |
7437009H31TO1DC0EB42 |
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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 |
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a. |
Description of the financial instrument, type of instrument |
Options over ordinary shares |
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b. |
Nature of the transaction |
Grant of options made pursuant to the Faron 2019 Option Plan |
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c. |
Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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a) €2.38(£2.01) b) €2.50(£2.11) c) €2.50(£2.11) |
a) 30,000 b) 30,000 c) 20,000 |
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d. |
Aggregated information
- Aggregated Volume
- Price |
Nil
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e. |
Date of the transaction |
19 September 2022 |
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f. |
Place of the transaction |
Turku
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