19 April 2017
Faron Pharmaceuticals Ltd: Proposed Board Changes
TURKU – FINLAND - Faron Pharmaceuticals Ltd (“Faron” or the “Company”) (LON: FARN), the clinical stage biopharmaceutical company, is pleased to announce the proposed appointment of two new Non-Executive Directors, Dr. Gregory B. Brown and Mr John Poulos, to the Company’s Board.
Pursuant to the requirements of Finnish law, the appointment of Dr. Brown and Mr Poulos remains subject to the approval of Shareholders at the Company’s Annual General Meeting (AGM) which is to be held on 16 May 2017. The notice of the AGM will be published separately today.
Mr John Poulos has a wealth of expertise in global corporate life sciences, having spent 38 years working for AbbVie and Abbott. Most recently, John served as Vice President, Head of Licensing and Acquisitions for AbbVie, and Group Vice President, Head of Pharmaceutical Licensing and Acquisitions for Abbott Pharmaceuticals. During his career, John was instrumental in the negotiation of numerous acquisitions, including Knoll/BASF Pharma in 2001 for $6.9 billion and Solvay in 2010 for $6.2 billion.
In addition, Faron announces today that Dr Juho Jalkanen will, as of 16 May 2017, step down from the Board as Non-Executive Director, a position he has held since 2013. Dr Juho Jalkanen has this month been appointed to a new position of Vice President of Business Development of Faron and has joined the Management Team of the Company.
“On behalf of the Board, it is with great pleasure that we propose the appointment of Greg and John to Faron. They will both bring a wealth of global experience in the life sciences and investment community to strengthen our Board, particularly from a US and commercial angle, as we continue to progress through a pivotal year. I also congratulate Juho on his new position as Vice President of Business Development and extend my gratitude to him for his contribution to the Board over the past four years. I am confident that these proposed additions to the Board will bring invaluable insights and perspectives to the Company.”
Dr Frank ArmstrongChairman of Faron
Pursuant to Rule 17 and Schedule Two (g) of the AIM Rules, the following information is disclosed in respect of Dr Gregory Bailey Brown (aged 63):
- Current Appointments
- Appointments in the last 5 years
- Caladrius Biosciences Inc
- Invuity Inc
- Monosol Rx LLC
- Cardiorentis AG
- Vanderbilt Clinical SARL
- Acufocus Inc
- Nuron Biotech Inc
- Tear Science
Healthcare Royalty Partners LP
Healthcare Management LLC
Healthcare Royalty Partners II LP
Healthcare Royalty Partners II-A LP
Healthcare Royalty Partners III LP
Healthcare Royalty Partners III-A LP
Vanderbilt Capital Partners LLC
Oscient Pharmaceuticals Inc (”Oscient”) between 2006 and 2009 having been initially elected to the board of Oscient as a representative of Paul Capital Partners, a financier which, during 2006, arranged financing of approximately $70 million in aggregate for Oscient. In July 2009, as a result of being unable to refinance an existing convertible debt, the directors of Oscient (being 9 board members in total) filed a voluntary petition for Chapter 11 Bankruptcy protection. Its assets were subsequently divested to satisfy the majority of creditors and Oscient was dissolved in July 2012.
There is no other information regarding Dr. Gregory Brown required to be disclosed under the AIM Rules.
Mr John Poulos
Pursuant to Rule 17 and Schedule Two (g) of the AIM Rules, there is no other information regarding John Poulos (aged 62) required to be disclosed under the AIM Rules.
Related Party Transaction
The appointment of Dr Juho Jalkanen to Vice President of Business Development of Faron and the payment of associated remuneration (€168,000 per annum, payable monthly) constitutes a related party transaction pursuant to the AIM Rules. The independent directors (being all Directors of the Company save for Dr Juho Jalkanen) consider, having consulted with the Company's nominated adviser, that the terms of the new management contract entered into by Dr Juho Jalkanen are fair and reasonable insofar as the Company's Shareholders are concerned.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For more information please contact:
Hume Brophy, PR (UK)
Conor Griffin, Alexia Faure, Alex Protsenko
Phone: +44 207 862 6381
Consilium Strategic Communications
Mary-Jane Elliott, Chris Welsh, Lindsey Neville
Tel: +44 (0)20 3709 5700
Westwicke Partners, IR (US)
Phone: 01 339 970 2843
Cairn Financial Advisers LLP, Nominated Adviser
Emma Earl, Tony Rawlinson, Rebecca Anderson
Phone: +44 207 213 0880
Panmure Gordon (UK) Limited, Joint Broker
Freddy Crossley, Duncan Monteith (Corporate Finance)
Tom Salvesen (Corporate Broking)
Phone: +44 207 886 2500
Whitman Howard Limited, Nominated Broker (UK)
Ranald McGregor-Smith, Francis North
Phone: +44 207 659 1234
About Faron Pharmaceuticals Ltd
Faron is a clinical stage biopharmaceutical company developing novel treatments for medical conditions with significant unmet needs. The Company currently has a pipeline focusing on acute organ traumas, cancer immunotherapy and vascular damage. The pipeline is built on Faron’s scientific knowledge and control of the endothelial barrier, the membrane of cells lining blood and lymphatic vessels to separate blood content from tissues. The Company’s lead candidate Traumakine is in development for the treatment of Acute Respiratory Distress Syndrome (”ARDS”), a rare, severe, life-threatening medical condition characterised by widespread inflammation in the lungs. Traumakine is currently in pan-European (INTEREST) and Japanese pivotal Phase III studies, and is commencing a European Phase II trial for the Rupture of Abdominal Aorta Aneurysm (“RAAA”). Additionally, Faron is developing Clevegen® a ground breaking pre-clinical anti-Clever-1 antibody. Clevegen has the ability to convert the immune environment around a tumour from being immune suppressive to immune stimulating. This novel macrophage-directed immuno-oncology approach is called Tumour Immunity Enabling Technology (”TIET”) and can be used alone or in combination with other immune checkpoint molecules for the treatment of cancer patients. New application opportunities related to TIET cover chronic infections and inefficient vaccination. Based in Turku, Finland, Faron Pharmaceuticals is listed on AIM under the ticker ‘FARN’. Further information is available at www.faronpharmaceuticals.com