Faron Pharma. Oy - Results of the Annual General Meeting
("Faron" or the "Company")
Results of the Annual General Meeting and Decisions of the Board of Directors
Due to the current COVID-19 situation, strict precautionary measures were taken to ensure safety at the AGM while at the same time ensuring the shareholders' possibility to exercise their rights. The number of persons physically present at the AGM was in total ten, including participating shareholders, representatives from the Company, the chairperson and the secretary of the meeting, as well as technical staff.
Decisions of the AGM
The AGM adopted the financial statements of the Company and resolved to discharge the members of the Board and the CEO of the Company from liability for the financial year 2019. No dividend for the financial year 2019 will be paid, and the losses of the Company for the financial year, amounting to
Composition and remuneration of the Board
The number of members of the Board was confirmed as six.
The AGM resolved that an annual remuneration of
Meeting fees will be paid to the Board members as follows:
· A meeting fee of
· No meeting fees will be paid to Board members who were attending a Board meeting but not physically present or for Board meetings held on the same continent than the member's place of residence.
In addition, all reasonable and properly documented expenses incurred in the performance of duties of the members of the Board will be compensated. No remuneration will be paid based on the Board membership of the CEO of the Company or a person serving the Company under a full-time employment or service agreement.
Amendment of option programmes
The AGM resolved to amend the terms and conditions of the option programme adopted by the Company's extraordinary general meeting on
The AGM further resolved to approve implementing a change corresponding the aforementioned in the rules of the option plan for the employees and directors of, and persons providing services to, the Company's group adopted by the Board based on the authorisation granted by the Company's annual general meeting on
Authorisation to the Board to decide on the issuance of shares, options or other special rights entitling to shares
The Board was authorised to resolve by one or several decisions on issuances of shares, options or other special rights entitling to shares referred to in chapter 10, section 1 of the Finnish Limited Liability Companies Act, which authorisation contains the right to issue new shares or dispose of the shares in the possession of the Company. The authorisation consists of up to 8,650,000 shares in the aggregate (including shares to be received based on options or other special rights), which corresponds to approximately 18.5% of the existing shares and votes in the Company on the date of the AGM.
The authorisation does not exclude the Board's right to decide on the issuance of shares, options or other special rights entitling to shares in deviation from the shareholders' pre-emptive rights. The authorisation can be used for material arrangements from the Company's point of view, such as financing or implementing business arrangements, investments or for other such purposes determined by the Board in which case a weighty financial reason for issuing shares, options or other special rights entitling to shares, and possibly deviating from the shareholders' pre-emptive rights, exists.
The Board was authorised to resolve on all other terms and conditions of the issuance of shares, options or other special rights entitling to shares. The authorisation will be effective until
Decisions of the Board
At the meeting of the Board held following the AGM,
In addition, the Board elected the Chairs and other members to the Board committees from among its members as follows:
· Leopoldo Zambeletti was elected the Chair of the Audit Committee and
Minutes of the AGM
The minutes of the AGM will be available on the Company's website from
For more information please contact:
Phone: +44 207 886 2500
Phone: +358 (0)40 555 4727
Phone: +44 (0)20 3709 5700
E-mail: [email protected]
Faron (AIM: FARN, First North: FARON) is a clinical stage biopharmaceutical company developing novel treatments for medical conditions with significant unmet needs. The Company currently has a pipeline based on the receptors involved in regulation of immune response in oncology and organ damage. Clevegen®, its precision immunotherapy, is a novel anti-Clever-1 antibody with the ability to switch immune suppression to immune activation in various conditions, with potential across oncology, infectious disease and vaccine development. Currently in phase I/II clinical development as a novel macrophage checkpoint immunotherapy for patients with untreatable solid tumours, Clevegen® has potential as a single-agent therapy or in combination with other standard treatments including immune checkpoint molecules. Traumakine®, the Company's pipeline candidate to prevent vascular leakage and organ failures, has completed a phase III clinical trial in Acute Respiratory Distress Syndrome (ARDS). Plans for its future development are being finalised to avoid interfering steroid use together with Traumakine®. Faron is based in
This information is provided by RNS, the news service of the
Quick facts: Faron Pharmaceuticals Ltd
Market Cap: £197.73 m
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