Faron Pharmaceuticals Oy entered into binding and irrevocable commitments with a limited number of the Company's existing shareholders to subscribe for convertible loan instruments to be issued by the Company for a proceeds of ?3,200,000 on March 4, 2024. The Loans shall be converted to new shares in the Company as a part of the next investment round where shares or other equity securities are issued by the Company to existing shareholders and/or new third- party investors, with a minimum size of ?8 million. The loan will bear no interest rate if a conversion takes place before 30 May 2024, and thereafter the interest will be 12% + 3-months Euribor and paid subject to the subordination agreement.

The transaction is expected to close on March 8, 2024. The transaction will include participation from Timo Syrjälä for a proceeds of ?600,000.