Leiden, The Netherlands, August 24, 2010. Biotech company Pharming Group NV
("Pharming") (NYSE Euronext: PHARM) today announced that its current number of
outstanding shares has increased from 341,243,169 at August 17, 2010 to
347,979,345 as per today.
The increase of 6,736,176 shares stems from:
* 4,834,499 shares issued under the Standby Equity Distribution Agreement
("SEDA") with YA Global Master SPV LTD ("YA Global") for a cash
consideration of €750,000. As per today, €21.9 million remains available
under the total €30.0 million SEDA facility with YA Global as entered into
* an aggregate number of 1,901,677 shares for the conversion of €0.1 million
bonds (843,542 shares) at a conversion price of €0.12 and for the cashless
exercise of 3,150,000 warrants at an exercise price of €0.12 (1,058,135
shares). This conversion and the cashless warrants relate to the €7.5
million January 2010 private bonds. As per today, the outstanding debt from
these bonds is further reduced from the original €7.5 million to €0.3
million and the outstanding amount of cashless warrants related to these
bonds has decreased from 58.8 million in May 2010 to 12.2 million.
"We are pleased that we are now beginning to see the tail-end of the dilution
from the January 2010 Private bonds. If all of the remaining January 2010 bonds
would be converted and all warrants exercised at the current share price, this
would result in the issuance of in total some 5.5 million shares to clear all of
the Private Bond debt and its associated warrants," commented Sijmen de Vries,
Chief Executive Officer.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic
disorders, specialty products for surgical indications, and nutritional
products. On June 24, the European Medicines Agency adopted a positive opinion
for Ruconest(TM) (Rhucin®) for the treatment of angioedema attacks. Market
Authorization in the European Economic Area is therefore expected to be granted
in September 2010. The product is also under development for follow-on
indications, i.e. antibody-mediated rejection (AMR) and delayed graft function
(DGF) following kidney transplantation. The advanced technologies of the Company
include innovative platforms for the production of protein therapeutics,
technology and processes for the purification and formulation of these products.
In July, the partial spin-off of DNage was completed. Additional information is
available on the Pharming website,
This press release contains forward looking statements that involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially different
from the results, performance or achievements expressed or implied by these
forward looking statements.
Ms. Marjolein van Helmond, T: +31 (0)71 52 47 431 or +31 (0)6 109 299 54
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Source: Pharming Group N.V. via Thomson Reuters ONE