Faron Pharmaceuticals Ltd: Update on notice of AGM, Board and management changes

TURKU - FINLAND, 24 May 2019 - Faron Pharmaceuticals Ltd (AIM: FARN), the clinical stage biopharmaceutical company, today announces a change to the original notice of the Company's Annual General Meeting published on 07 May 2019 and an update on the Company's Board and management team.

Yrjö Wichmann is to leave his current role as the Company's Chief Financial Officer to take up the new position of Vice President, Financing and Investor Relations, to allow Mr. Wichman to focus on the Company's future financing and investor relationships. Mr. Wichmann will remain a member of the senior management team but has expressed his intention to step down from the Board with effect from 1 June 2019.

Mr. Toni Hänninen has been appointed as Faron's new CFO from 1 June 2019 and will be responsible for both internal and external reporting. He joins Faron from Danaher Group where he held a regional EMEA CFO role for their subsidiary X-Rite in Switzerland. Prior to that he worked for the Hilti Group for over 13 years in Germany, Liechtenstein, USA and Asia in various finance and general management roles. Toni brings extensive global experience in business controlling, reporting, compliance and general management which the Board believes will be very relevant as the Company progresses its product portfolio and international commercial development.

In a change to items A.11 and 12 in the original notice of AGM, the Board of Directors proposes, taking the above into account and on the basis of a recommendation from the Nomination Committee, that six members be elected to the Board of Directors, with Frank Armstrong, Markku Jalkanen, Matti Manner, Leopoldo Zambeletti, Gregory Brown and John Poulos being re-elected for a term that ends at the end of the next AGM at this stage.

Commenting on the Managerial Change Dr Markku Jalkanen, CEO of Faron, said: "These managerial changes will strengthen our operations by allowing Yrjö to focus on the Company's future financing. We also believe this will increase Faron's capacity to attract external financing and enable us to better maintain and develop investor relationships and target an expanded future shareholder base.

"I am delighted that Toni has decided to join Faron. His vast experience, from international director and controller positions, will help us to advance our international accounting processes and internal reporting".

The information contained within this announcement constitutes inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.

ENDS

For more information please contact:

Faron Pharmaceuticals Ltd

Dr Markku Jalkanen, Chief Executive Officer

investor.relations@faron.com

Consilium Strategic Communications

Mary-Jane Elliott, David Daley, Lindsey Neville 

Phone: +44 (0)20 3709 5700

E-mail: faron@consilium-comms.com

Westwicke Partners, IR (US)

Chris Brinzey

Phone: 01 339 970 2843

E-Mail: chris.brinzey@westwicke.com

Panmure Gordon (UK) Limited, Nomad and Broker

Emma Earl, Freddy Crossley

Phone: +44 207 886 2500

About Faron Pharmaceuticals Ltd

 

Faron (AIM:FARN) 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, vascular damage and cancer immunotherapy. The Company's first candidate Traumakine, to prevent vascular leakage and organ failures, has completed a Phase III clinical trial in Acute Respiratory Distress Syndrome (ARDS). An additional European Phase II Traumakine trial is underway for the Rupture of Abdominal Aorta Aneurysm ("RAAA"). Faron's second candidate Clevegen is a ground breaking early clinical anti-Clever-1 antibody. Clevegen has the ability to switch immune suppression to immune activation in various conditions, with potential across oncology, infectious disease and vaccine development. This novel macrophage-directed immuno-oncology switch called Turn-on-your-Immunity or Turn-It may be used alone or in combination with other immune checkpoint molecules for the treatment of cancer patients. Faron is based in Turku, Finland. Further information is available at www.faron.com

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