Faron Pharma PLC (LON:FARN) has raised €15mln from an accelerated share placing that will be used to fund its work in the clinic.
New shares were priced at €4.26 each, a 5% discount to the 30-day average.
The European Investment Council (EIC) Fund was the largest new shareholder, and Faron is the first publicly-listed company the EIC Fund has invested in.
Chief executive, Dr Markku Jalkanen, said: “We are delighted to have received this significant support from our existing and new investors in this successful financial round.
“In particular we would like to welcome the European Innovation Council Fund, a breakthrough initiative from the European Commission.”
The proceeds from the placing will be used to ‘accelerate and expand’ work on Bexmarilimab, Faron’s experimental cancer treatment.
This will include testing higher frequency of dosing. It also plans three new trials to run alongside the ongoing MATINS study.
Cash will be put to work developing Traumakine, Faron’s drug for acute respiratory distress.
Researchers are readying to launch a phase II/III clinical assessment in the US, while preparations are also being made for an additional clinical indication for the treatment.