LONDON (ShareCast) - (Sharecast News) - Clinical-stage biopharmaceutical company Faron Pharmaceuticals announced on Tuesday that the arbitration tribunal appointed by the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) had ruled in its favour in its case against Rentschler Biopharma.
The AIM-traded firm was seeking damages from Rentschler for "unfounded termination of an agreement" concerning the manufacturing process for 'Traumakine'.

As a result of the favorable arbitration award, Rentschler was ordered to pay Faron €3.8m (£3.24m) in damages.

"The parties are jointly and severally liable towards the arbitral tribunal and the SCC for the fees and expenses of the arbitral tribunal and the fees of the SCC, which shall be paid in equal shares," Faron's board said in its statement.

"In addition, each party shall carry its own legal costs.

"As previously communicated, a third-party recovery services provider funded the proceedings for Faron."

Faron said the funder would receive compensation in accordance with the litigation funding agreement.

At 1603 GMT, shares in Faron Pharmaceuticals were down 1.53% at 334.8p.

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