Faron Pharmaceuticals - Innovatiivisia lääketieteen ratkaisuja (Osa 2)

Stocks
,
2867

Here are Antti’s comments as Faron expands bexmarilimab’s clinical trial program into solid tumors. :slight_smile:

The company is supporting a new investigator-initiated Phase I/II BEXAR study, which investigates the tolerability, safety, and preliminary efficacy of the drug candidate in soft tissue sarcoma in combination with standard of care. The news represents Faron’s first concrete move in solid tumors since the MATINS study. The company shared its plans regarding BEXAR at its CMD in the fall of 2024, so the start of the study was expected.

25 Likes
2868

According to the 2024 prospectus (page 68), Karvonen is a board member of Pacta sunt servanda Oy, and according to Euroclear, Pacta sunt servanda Oy holds 104,000 Faron shares. Karvonen therefore still indirectly owns these shares.

41 Likes
2869

This has been cleared up, a rather trivial mistake on my part, I must admit. I’ll try to be more careful in the future.

4 Likes
2870

The company’s future financing is unclear and the investor calendar is empty. A good situation for current owners? Not a single negative-toned message has come out regarding Bex results or from any researcher regarding the science. Certainly, there are cautious and expectant comments, as Dr. Zeidan expressed in his first Faron webinar he participated in. I don’t remember what the topic was or if results have matured from it, I don’t know. Does anyone have memory/info on that?

The pipeline is progressing and news of the next financing must come to light soon. Faron is a phase 2 company and if that changes now, it’s a big game changer and at the same time, long-term plans have been redone. The Traumakine experience is there and the big money targets for the solid tumor side have been communicated. Hiring Bono, Ralph, and Jurriaan and paying the bank doesn’t look like a strategy change.

However, Money and those who have it talk and rule, no matter how much one is in the driver’s seat. It would be great to hear an interview with Juho to see if he still feels like he’s in the driver’s seat?

Bex is the Jalkanens’ life’s work from decades ago and they have surely timed the market entry for the best window, considering patents are expiring and no competitor is in sight. It’s also good to remember that hundreds of millions have flowed into the company to advance Bex from old and new parties. Nowadays, when information is more easily available about everything, I reckon that financiers get better data, and since money finds its way to money more and more often in today’s world, that’s likely the direction this is heading too.

Around Hikka’s anniversary, there could be positive news about blood cancers. Or could it be that the big picture strategy has been changed after all, so that e.g. the start of Phase 3 has been postponed and now they are first seeing what Finnprove, Bexar, Blaze, Matins -02 bring to the table. A good player and especially a businessman can change even a major strategy on the fly, for example, due to and above all as a result of partner discussions. Especially when we’re talking about hundreds of millions and even billions of euros, which were shown in those slides of Ralph’s former company.

Something big will likely happen before the Annual General Meeting at the end of March. Or otherwise, they might as well book the Gatorade [Center] for their meeting, when the “lottery folk” sign up for Turku on March 30, 2026.

9 Likes
2871

I agree that big things will happen during February or in early March. Significant moves regarding strategy or corporate restructuring could likely be made within this timeframe. By mid-March at the latest, the notice for the Annual General Meeting will be issued – I wonder what interesting and out-of-the-ordinary items might be on its agenda? It’s clear, of course, that at the very least the Board will be authorized to issue X million shares – for our acute needs…

2 Likes
2872

The pipeline is progressing, of course, as the days go by. The future and new opportunities have been depicted on slides, but the funding for all of it is indeed still missing. Based on previous financing arrangements, I’ve gotten the impression that the company is willing to drive right to the edge—even if it means going over—with new financing solutions. Consequently, it’s a very realistic possibility, in my opinion, that we’ll next hear about financing when the cash is practically gone.

3 Likes
2873

Currently, cash is being preserved by diluting shareholdings through an increase in the number of shares while repaying debt with additional shares.

Before the March general meeting, Faron aims to maximize its negotiating position by publishing expanded data (such as the BEXAR and BLAZE study updates in solid tumors at the end of January). The goal is to create “competitive tension” toward Big Pharma and demonstrate that bexmarilimab is Phase 3-ready. At this stage, the company needs either a letter of intent (LOI) or concrete signs of an upfront payment to be able to present something other than a survival model to the general meeting.

The general meeting on March 30, 2026, acts as a deadline where the company’s board must obtain new, broad authorizations for share issues and potentially for drawing the third debt tranche if a partnership agreement has not yet been signed. A hypothesis could be that authorizations are sought at the general meeting to enable either a large directed issue (institutions) or the finalization of a partnership deal.

The meeting is, at least for me as an investor, a kind of crossroads: it will be either the formalization of a rescue operation or a major moment of celebration accompanied by a newly announced mega-deal.

I suppose one could create an infinite number of hypotheses?

5 Likes
2874

I wouldn’t count this as your mistake; rather, I think this falls on Faron’s reporting. Shareholdings are public information, and everyone can check them from Euroclear practically in real-time. However, Faron does not display this ownership information as is on its own website, and I ask for the umpteenth time: Why not?

There is no mention of Karvonen’s affiliations and controlled entities on the company’s website, but he is reported to own 104,000 shares:

kuva

Neither Faron nor anyone else can expect that someone would go looking for this information in the 2024 offering prospectus. For example, in Karvonen’s case, an easy solution would be to show that company as an owner and, in the additional information—or at least in the information detailing management holdings—state that it is Karvonen’s controlled entity.

The actual state of Syrjälä’s, and indeed everyone else’s holdings, seems questionable when Faron modifies them from Euroclear’s official data according to its own criteria.

7 Likes
2875

You lumped all sorts of things together earlier, neatly turning rumors into facts regarding, for example, Karvonen’s “sales” and Faron’s breach of disclosure obligations. Now you’re blaming Faron’s communication for the fact that the bottom fell out of your rumor-mongering. That deflection is quite Trumpian, indeed. Perhaps you could focus more on fact-checking instead of just churning out others’ “findings” as half-truths—if, that is, you want to be making these kinds of summaries at all…

13 Likes
2876

Everyone can draw their own conclusions. @Donkey said they had checked the holdings from Euroclear and Karvonen’s name was not found there, so their “hearsay” proved to be a fact following Karvonen’s statement. Thus, Karvonen’s name is still not found in the shareholder register, as he does not own the shares.

Faron, Karvonen, or anyone else cannot expect anyone to read the 2024 share issue prospectus to verify the matter, as I already stated above. Faron could easily fix this if they wanted to, by reporting the holdings exactly as they appear in Euroclear.

2 Likes
2877

You are right. There wouldn’t be anything unclear about this if care was taken to ensure that the information is up to date and in an understandable format.

I’m mostly kicking myself because checking the unclear situation of just one person would not have been a difficult task.

2 Likes
2878

Yeah, you spoke about sales (hearsay - not fact), not holdings. And you claimed that the sales haven’t been reported (your own interpretation - not fact). Well, enough of this.

11 Likes
2879

Once again, several messages have been posted to this thread that hold practically no value from the perspective of investing in Faron. And here’s one more of those.

Regarding this discussion about Karvonen’s ownership, perhaps Faron’s website could include a clarification under management holdings that the ownership also includes controlled entities. As for whether the absence of such a clarification has any significance, I don’t think so.

15 Likes