The move follows a successful placing and subscription for more than 3.8 million new ordinary shares, raising £10 million at a price of 260p per ordinary share.
Dr. Markku Jalkanen, chief executive officer of Faron, said, “Faron’s fundraising and admission to AIM is an important landmark for the company. We believe that the support shown by both new and existing shareholders demonstrates a strong understanding of the value of our late-stage product Traumakine, in development for the treatment of acute respiratory distress syndrome. Currently there are no approved pharmacological treatments for this life threatening medical condition.
“Admission to AIM provides a great opportunity to strengthen our business and support our objective of progressing our lead program through a pan-European phase III trial, and the development of our preclinical cancer immunotherapy candidate, Clevegen. We look forward to reporting on the company’s continuing progress as an AIM-quoted company and would like to welcome and thank our investors for their involvement.”