Faron Pharmaceuticals Oy (DI) (FARN)

Sector:

Pharma and Biotech

Index:

FTSE AIM All-Share

94.00p
   
  • Change Today:
    -1.00p
  • 52 Week High: 350.00
  • 52 Week Low: 92.50
  • Currency: UK Pounds
  • Shares Issued: 72.01m
  • Volume: 48,115
  • Market Cap: £67.69m

Faron Pharmaceuticals extends funding agreement with IPF

By Josh White

Date: Tuesday 30 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Faron Pharmaceuticals announced on Tuesday that it has extended its agreement with lender IPF to ensure continued financial support as it progressed towards securing longer-term funding.
The AIM-traded firm said the extension would enable it to maintain its focus on preparations for securing future funding.

Key terms of the extension included a minimum cash covenant set at €6m until 20 May, subject to ongoing clinical success with the 'BEXMAB' trial.

Following that, the cash covenant would decrease to €5.5m until 12 June, and then to €4.5m until a minimum equity raise of €10m had been achieved.

As part of the agreement, IPF would receive a waiver fee and additional new warrants totaling €0.5m euros, with a strike price based on market conditions.

The extension would be valid until 27 June, contingent on meeting the specified terms and securing subscriptions or guarantees for a public offer amounting to €10m by 11 June.

Faron said it had implemented significant cost-saving measures in recent months, and expected to maintain its cash runway into the third quarter of 2024.

At 1613 BST, shares in Faron Pharmaceuticals were up 4.04% at 145.65p.

Reporting by Josh White for Sharecast.com.

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FARN Market Data

Currency UK Pounds
Share Price 94.00p
Change Today -1.00p
% Change -1.05 %
52 Week High 350.00
52 Week Low 92.50
Volume 48,115
Shares Issued 72.01m
Market Cap £67.69m

FARN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
Market averageMarket averageMarket averageMarket averageMarket average
52.94% below the sector average52.94% below the sector average52.94% below the sector average52.94% below the sector average52.94% below the sector average
Price Trend
Market averageMarket averageMarket averageMarket averageMarket average
50.94% below the sector average50.94% below the sector average50.94% below the sector average50.94% below the sector average50.94% below the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 1
Total 3
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FARN Dividends

No dividends found

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 25,000 @ 94.00p
16:35 15,000 @ 94.00p
16:35 10,000 @ 94.00p
14:08 800 @ 92.50p
14:00 20,000 @ 94.00p

FARN Key Personnel

CEO Juho Jalkanen
Chair Tuomo Pätsi

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