Faron Pharmaceuticals Limited (AIM:FARN, OTC:FPHAF), the clinical-stage biotech company, has successfully raised €6.6mln via a private placement of new stock with certain institutional investors.
The funds will predominantly be directed towards the clinical development and manufacturing of bexmarilimab, the firm's promising cancer drug, which is in phase I/II.
This latest funding round, coupled with a prior raise, will provide Faron with working capital through to the fourth quarter.
New stock was issued at an 11.8% discount to Wednesday's closing price.