Proactive Investors - Faron Pharmaceuticals Limited (LON:FARN) has successfully raised €7.1 million in a share offering, securing new investment to continue the cancer clinical study of its lead asset, bexmarilimab.
"This fundraising is pivotal and comes at an exciting time for Faron. As we enter a new phase of the BEXMAB clinical trial, it was important to raise funds to provide a cash runway into the second quarter of 2024," said Jim O'Brian, chief financial officer.
The Finland-based company, which is working on innovative cancer treatments, sold shares at €2.85 each.
This price was slightly lower than the company's recent stock value but higher than the price of shares sold earlier this year. The move attracted a mix of new and existing investors, including institutional investors and family offices.
Faron's lead asset is bexmarilimab is what is called an anti-Clever-1 humanised antibody, with the potential to remove immunosuppression of cancers through targeting myeloid cell function.
In simple terms, the drug is designed to target and disable a specific part of the immune system that cancer uses to protect itself. By doing so, bexmarilimab aims to make it easier for the body's own defences to attack and eliminate the cancer.