Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Tuesday 24 August, 2010

Pharming Group N.V.

Pharming provides update on outstanding shares

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
    in 2009;
  * 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


Press release (PDF):

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
All reproduction for further distribution is prohibited.
Source: Pharming Group N.V. via Thomson Reuters ONE