REG - Faron Pharma. Oy - Grant of options

Faron Pharmaceuticals OyAnnouncement

07/08/2024 10:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240807:nRSG5483Za&default-theme=true

RNS Number : 5483Z  Faron Pharmaceuticals Oy  07 August 2024

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 (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 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
(http://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/                                        Initial notification

     Amendment
 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

Identification Code
ISIN: FI4000153309
 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                                                              a)     30,000

     b)    €1.00                                                               b)    30,000

     c)     €1.35                                                              c)     30,000

     d)    €1.00                                                               d)    100,000

     e)    €1.35                                                               e)    30,000

     f)     €1.00                                                              f)     200,000

     g)     €1.00                                                              g)     6,000

     h)    €1.00                                                               h)    30,000

     i)      €1.00                                                             i)      60,000

     j)      €1.00                                                             j)      11,000

 d.  Aggregated information

     - Aggregated Volume                                          Nil

     - Price
 e.  Date of the transaction                                      7 August 2024
 f.  Place of the transaction                                     Turku

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHQKOBNFBKKDFK