Grant of options

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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:

 

Director

Options granted

 

 

Frank Armstrong​

60,000

Erik Ostrowski​

30,000

John Poulos​

30,000

Anne Whitaker​

30,000

Tuomo Pätsi​

30,000

Markku Jalkanen​

60,000

 

 

Total directors

240,000

 

 

Other PDMR

 

James O’Brien

50,000

Marie-Louise Fjällskog

40,000

Juho Jalkanen

65,000

Maija Hollmén

6,000

Vesa Karvonen

30,000

Juuso Vakkuri

30,000

Kaisa Kyttä

11,000

 

 

Total other PDMRs

232,000

 

 

SAB member

 

Tyler Curiel

Sirpa Jalkanen*

10,000

10,000

Jonathan Knowles

10,000

 

 

Total SAB

30,000

 

 

 

* Sirpa Jalkanen is a person closely associated (“PCA”) to Markku Jalkanen.

 

 

 

 

 

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 

faron@consilium-comms.com  

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. 

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

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

2

Reason for notification

 

 

 

a.

Position/Status

Person discharging managerial responsibilities

b.

Initial notification/

Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Faron Pharmaceuticals Oy

b.

LEI

7437009H31TO1DC0EB42

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

a.

Description of the financial instrument, type of instrument

Identification Code

Options over ordinary shares

ISIN: FI4000153309

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.

c.

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

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

 

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

 

 

 

 

d.

Aggregated information

 

- Aggregated Volume

 

- Price

 

 

Nil

 

 

e.

Date of the transaction

July 21, 2023

f.

Place of the transaction

Turku

 

 

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