Biotechnology company Faron Pharmaceuticals plans to issue a second tranche of convertible bonds with a nominal value of ten million euros. The system is implemented as part of the company’s previously signed contract Heights Capital Managementin with.
The first installment agreed upon by the parties in April was 15 million euros, and the agreement included an option for two additional installments of ten million euros.
The company’s board has now decided to ask HCM to subscribe to the second tranche of bonds.
The bonds are convertible into new and existing shares of Faron and will be issued on substantially the same terms as the first tranche.
Faron raised financing with a bond loan of 15 million euros