LONDON (ShareCast) - (Sharecast News) - Clinical stage biopharmaceutical company Faron Pharmaceuticals has received valid acceptances and excess applications from qualifying shareholders for a total of 859,513 open offer shares, raising gross proceeds of around €1.01m (£0.92m) at the issue price of 106p per share and at the euro issue price of 119 cents per share, it announced on Tuesday.
The AIM-traded firm said that in addition to subscriptions under the open offer, it had accepted additional subscriptions for 320,000 new ordinary shares at the euro issue price of 119 cents, to raise additional gross proceeds of about €0.38m.

As a result, it had raised approximately €2.5m (£2.3m) before expenses through the subscription, further subscription and open offer.

The board said the net proceeds of the subscription, open offer and further subscription were expected to provide the company with working capital into early in the first quarter of 2020.

"Applications have been made to the London Stock Exchange for 859,513 open offer shares and 320,000 further subscription shares to be admitted to trading on AIM," the Faron Pharma board said in its statement.

"It is expected that admission of the open offer shares and further subscription shares would take place at 0800 BST on 28 August."

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