REG - Faron Pharma. Oy - Appointment of Chief Executive Officer

Faron Pharmaceuticals OyAnnouncement

08/04/2024 07:00

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RNS Number : 5912J  Faron Pharmaceuticals Oy  08 April 2024

Faron Pharmaceuticals Oy

 

("Faron or the "Company")

 

Appointment of Chief Executive Officer

 

 

Company announcement, April 8, 2024 at 9:00 (EEST) / 7:00 AM (BST) / 2:00 AM
(EDT)

 

TURKU, FINLAND / BOSTON, MA - Faron Pharmaceuticals Ltd. (AIM: FARN, First
North: FARON), a clinical-stage biopharmaceutical company pursuing a CLEVER
approach to reprogramming myeloid cells to activate anti-tumor immunity in
hematological and solid tumor microenvironments, today announces that its
Chief Executive Officer (CEO) Dr. Markku Jalkanen, who turns 70 later in 2024,
has informed the Board of Directors of his wish to retire from his position as
the Company's CEO during the course of Q2 2024, while continuing in his role
as Board Member.

 

As a part of its ordinary tasks and noting the age of the current CEO, the
Nomination Committee of the Board has maintained preparedness for CEO
succession with the help of a third-party recruitment specialist firm, and
considered several options for a potential new CEO for the Company among
external and internal candidates. Supported by the preparatory work conducted,
the Nomination Committee has concluded that the Company's current Chief
Operating Officer, Dr. Juho Jalkanen, MD, PhD, MSc (economics), would be the
best candidate to succeed Dr. Markku Jalkanen as CEO of the Company. Following
information from Dr. Markku Jalkanen and the Nomination Committee's
recommendation, the Board has resolved to appoint Dr. Juho Jalkanen as CEO of
the Company, effective May 1, 2024, subject to regulatory approval. Dr. Markku
Jalkanen will continue as a Board Member and support in the transition of the
CEO role throughout 2024.

 

"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. 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," said Dr. Markku Jalkanen,
Chief Executive Officer of the Company. "The Board and I have a plan for a
seamless CEO transition and now is the time to make that move. I will continue
to give my support to the Company and the new CEO in my continuing role as
Board Member. I also strongly believe in the promise of bexmarilimab to
provide a new safe and effective cancer treatment option for a vast patient
group, either as a stand-alone or combination therapy."

 

"I am extremely honored that the Board has expressed its confidence in me as I
assume the new challenge of CEO. I have enjoyed leading the development of
bexmarilimab as COO and look forward to the exciting future ahead of us as I
continue to work relentlessly with the Faron team to deliver results for
patients and shareholders. I want to thank Markku for his leadership and
mentorship as CEO," said Dr. Juho Jalkanen, the incoming CEO.

 

 

For more information please contact:

 

Faron Pharmaceuticals

Investor Contact

LifeSci Advisors

Daniel Ferry

Managing Director

daniel@lifesciadvisors.com (mailto:daniel@lifesciadvisors.com)

+1 (617) 430-7576

 

ICR Consilium

Mary-Jane Elliott, David Daley, Lindsey Neville

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com (mailto: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 Faron Pharmaceuticals Oy

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 targeting 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 and as a monotherapy in last line solid cancers.
Further information is available at www.faron.com (http://www.faron.com) .

 

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