Bryan, Garnier & Co acts as Joint Bookrunner on Faron Pharmaceuticals' EUR 12 million Follow-On Offering

Bryan, Garnier & Co acts as Joint Bookrunner on Faron Pharmaceuticals’ EUR 12 million Follow-On Offering

Faron (AIM: FARN, First North: FARON) is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies.

The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

Bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing treatments and optimize clinical outcomes, by targeting myeloid cell function and igniting the immune system. Bexmarilimab binds to Clever-1, an immunosuppressive receptor found on macrophages leading to tumor growth and metastases (i.e. helps cancer evade the immune system). By targeting the Clever-1 receptor on macrophages, bexmarilimab alters the tumor microenvironment, reprogramming macrophages from an immunosuppressive (M2) state to an immunostimulatory (M1) one, upregulating interferon production and priming the immune system to attack tumors and sensitizing cancer cells to standard of care.

The BEXMAB trial is an open-label Phase I/II clinical trial investigating bexmarilimab in combination with standard of care (SoC) in the aggressive hematological malignancies of acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The primary objective is to determine the safety and tolerability of bexmarilimab in combination with SoC (azacitidine) treatment. Directly targeting Clever-1 could limit the replication capacity of cancer cells, increase antigen presentation, ignite an immune response, and allow current treatments to be more effective. Clever-1 is highly expressed in both AML and MDS and associated with therapy resistance, limited T cell activation and poor outcomes.

The net proceeds will mainly reinforce the Company’s financial standing in anticipation of the upcoming topline results from the BEXMAB Phase II trial, expected in April 2025. These proceeds will support the ongoing Phase II trial, focusing on generating follow-up data (response duration and survival), preparing documentation for the end-of-Phase II FDA meeting, and strengthening the Company’s balance sheet.

Acting as Joint Bookrunner, Bryan, Garnier & Co delivered an upsized EUR 12 million Follow-On primary offering for Faron Pharmaceuticals on Nasdaq Finland.

The pricing was set at EUR 1.72 per placing share, representing a 10.3% discount to the close price on 5 February 2025 on Nasdaq Finland. Shares closed up +22.7% on its first trading day.

The book was oversubscribed and supported by long-term institutional investors, including Tier-1 long-only accounts, family offices, and new investors.

This is the first biotech equity capital raise on public markets in Finland, strengthening Bryan, Garnier & Co’s leadership in the Nordics region for healthcare ECM transactions, after three succesfull capital raises in Sweden and one in Norway in 2024.

Following on from Egetis Therapeutics, Exact Therapeutics, Camurus, Calliditas Therapeutics, Valneva, Cinclus Pharma, Abivax, Medincell and numerous other landmark transactions in biotech, this new deal marks another milestone for Bryan, Garnier & Co’s expertise.

Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.