Grant of options
Faron Pharmaceuticals Ltd.
(“Faron” or “the Company”)
Grant of options
Company announcement, July 25, 2023
TURKU, FINLAND / BOSTON, MA - Faron Pharmaceuticals Ltd. (AIM: FARN, First North: FARON), a clinical-stage biopharmaceutical company focused on tackling cancers via novel immunotherapies, today announces that the Company’s board has confirmed the grant of a total of 779,000 options over ordinary shares in the Company (“Options”) under the Company’s Share Option Plan 2019 (including its UK and US sub plans). The Options have been allocated under the Share Option Plan 2019 and are exercisable between June 8, 2024 and June 8, 2028, vesting 25% per annum over four years. The exercise price for Options allocated under the Share Option plan and the UK sub plan is €3.57 per share, which is calculated based on the average price per share at which the ordinary shares in the Company have been traded on AIM for 90 days preceding the allocation date of June 8, 2023. The exercise price for Options allocated under the US sub plan is €3.36 per share, which is calculated based on the average price per share at which the ordinary shares in the Company have been traded on AIM for 30 days preceding the allocation date of June 8, 2023. The terms of the Share Option Plan 2019 are available on the Company’s website at htts://www.faron.com/investors/general-meetings/2023.
The granted 779,000 Options entitle the option holders to subscribe for a total of 779,000 new ordinary shares in the Company, if exercised in full, and represent 1.18 % of the fully diluted ordinary share capital of the Company.
Included in the number of Options granted are the following Options which were issued to directors, other persons discharging managerial responsibilities (“PDMRs”), scientific advisory board (“SAB”) members and Company personnel:
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Director |
Options granted |
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Frank Armstrong |
60,000 |
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Erik Ostrowski |
30,000 |
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John Poulos |
30,000 |
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Anne Whitaker |
30,000 |
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Tuomo Pätsi |
30,000 |
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Markku Jalkanen |
60,000 |
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Total directors |
240,000 |
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Other PDMR |
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James O’Brien |
50,000 |
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Marie-Louise Fjällskog |
40,000 |
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Juho Jalkanen |
65,000 |
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Maija Hollmén |
6,000 |
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Vesa Karvonen |
30,000 |
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Juuso Vakkuri |
30,000 |
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Kaisa Kyttä |
11,000 |
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Total other PDMRs |
232,000 |
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SAB member |
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Tyler Curiel Sirpa Jalkanen* |
10,000 10,000 |
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Jonathan Knowles |
10,000 |
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Total SAB |
30,000 |
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* Sirpa Jalkanen is a person closely associated (“PCA”) to Markku Jalkanen. |
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Total Company personnel |
779,000 |
For more information please contact:
Faron Pharmaceuticals Ltd.
Jennifer C. Smith-Parker
Head of Communications
Jennifer.Smith-Parker@faron.com
Cairn Financial Advisers LLP, Nomad
Sandy Jamieson, Jo Turner
Phone: +44 207 213 0880
Sisu Partners Oy, Certified Adviser on Nasdaq First North
Juha Karttunen
Phone: +358 (0)40 555 4727
Jukka Järvelä
Phone: +358 (0)50 553 8990
Consilium Strategic Communications
Mary-Jane Elliott, David Daley, Lindsey Neville
Phone: +44 (0)20 3709 5700
About Faron Pharmaceuticals Ltd.
Faron (AIM: FARN, First North: 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 targeting 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. Further information is available at www.faron.com.
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Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 |
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a. |
Name |
a) Frank Armstrong b) Erik Ostrowski c) John Poulos d) Anne Whitaker e) Tuomo Pätsi f) Markku Jalkanen g) James O’Brien h) Marie-Louise Fjällskog i) Juho Jalkanen j) Maija Hollmén k) Vesa Karvonen l) Juuso Vakkuri m) Kaisa Kyttä n) Sirpa Jalkanen |
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2 |
Reason for notification |
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a. |
Position/Status |
Person discharging managerial responsibilities |
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b. |
Initial notification/ Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a. |
Name |
Faron Pharmaceuticals Oy |
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b. |
LEI |
7437009H31TO1DC0EB42 |
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a. |
Description of the financial instrument, type of instrument |
Options over ordinary shares |
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b. |
Nature of the transaction |
Grant of options made under the Faron Share Option Plan 2019 – under the UK and US sub plans the options are exercisable at €3.57 per ordinary share, and at €3.36 per ordinary share respectively. |
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c. |
Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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a) €3.57 b) €3.36 c) €3.36 d) €3.36 e) €3.57 f) €3.57 g) €3.36 h) €3.36 i) €3.57 j) €3.57 k) €3.57 l) €3.57 m) €3.57 n) €3.57
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a) 60,000 b) 30,000 c) 30,000 d) 30,000 e) 30,000 f) 60,000 g) 50,000 h) 40,000 i) 65,000 j) 6,000 k) 30,000 l) 30,000 m) 11,000 n) 10,000
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d. |
Aggregated information
- Aggregated Volume
- Price |
Nil
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e. |
Date of the transaction |
July 21, 2023 |
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f. |
Place of the transaction |
Turku
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