SOURCE: Pharming Group N.V.

August 24, 2010 13:26 ET

Pharming Provides Update on Outstanding Shares

LEIDEN, NETHERLANDS--(Marketwire - 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 EUR750,000. As per today, EUR21.9 million remains available under the total EUR30.0 million SEDA facility with YA Global as entered into in 2009;

* an aggregate number of 1,901,677 shares for the conversion of EUR0.1 million bonds (843,542 shares) at a conversion price of EUR0.12 and for the cashless exercise of 3,150,000 warrants at an exercise price of EUR0.12 (1,058,135 shares). This conversion and the cashless warrants relate to the EUR7.5 million January 2010 private bonds. As per today, the outstanding debt from these bonds is further reduced from the original EUR7.5 million to EUR0.3 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™ (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, http://www.pharming.com.

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.






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Contact Information

  • Contact:
    Ms. Marjolein van Helmond
    T: +31 (0)71 52 47 431 or +31 (0)6 109 299 54