Finland's Faron now listed on London Stock Exchange's AIM

Clinical-stage Finnish biopharma company Faron Pharmaceuticals has started trading on the AIM market of the London Stock Exchange.

It will trade under the ticker FARN after the successful placing and subscription for 3,846,154 new ordinary shares to raise £10 million ($15.2 million).

Markku Jalkanen, chief executive 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 (Interferon beta-1a), in development for the treatment of acute respiratory distress syndrome (ARDS). 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 pre-clinical 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."