Bryan, Garnier & Co acts as Sole Placement Agent and Financial Advisor to Faron Pharmaceuticals on its convertible bond placement of up to €35.0 million

Faron Pharmaceuticals is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies.

Faron’s wholly-owned lead asset Bexmarilimab, a novel anti-Clever-1 humanized antibody, is currently being investigated in the BEXMAB Phase I/II clinical trial as a potential therapy for patients with hematological cancers.

The €35.0 million financing (of which €15.0 million was drawn up-front) will be used for general corporate purposes, including to finance the early repayment of Faron’s outstanding senior secured debt facility, strengthening its financial position and increasing its flexibility by removing restrictive financial covenants. The remaining €20.0 million will be available to Faron in two further tranches of €10.0m each, subject to certain conditions.

The financing also extends Faron’s cash runway to Q1 2026, well beyond the major Phase II topline efficacy and safety readout in the BEXMAB study anticipated in April 2025.

Bryan, Garnier & Co acts as Sole Placement Agent and Financial Advisor to Faron Pharmaceuticals on its convertible bond placement of up to €35.0 million

The Debt Capital Solutions team conducted a competitive process involving several specialist international healthcare and equity-linked investors to achieve optimal terms for the Company.

This deal represents the second transaction Bryan, Garnier & Co has executed for Faron in 2025, following our role as Joint Bookrunner on the company’s successful €12.0m equity placing executed in February.

The transaction furthers Bryan, Garnier & Co’s track record as a leader in supporting European biotech businesses in structuring innovate debt and equity-linked solutions to promote their growth.

"Bryan Garnier’s extensive experience and skill in managing complex negotiations were key in delivering a convertible financing solution aligned with Faron’s strategic priorities and operational goals. Their strong industry insight, innovative approach to capital markets, and resilience in overcoming complex obstacles allowed us to secure funding on attractive terms, ensuring we are well-positioned to achieve our next key milestones. We value their partnership and look forward to continuing our collaboration as we progress our pipeline."

— Juho Jalkanen, CEO of Faron Pharmaceuticals

Faron Pharmaceuticals is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company’s lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.


Heights Capital Management (HCM) is an affiliate of Susquehanna, one of the world’s largest privately-held financial service firms. The Heights Capital business began in 1996 in San Francisco and was established to manage the direct investment of Susquehanna’s internal capital in listed companies around the world. HCM is focused on investing in high-growth firms across sectors including biotech, healthcare, technology, financial services, media, energy services, and natural resources.