SOURCE: Pharming Group N.V.

September 02, 2010 02:32 ET

Pharming Clears 2010 Private Bond Debt

LEIDEN, NETHERLANDS--(Marketwire - September 2, 2010) - Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it has converted all of the remaining January 2010 bonds. The current number of outstanding shares as per today is 355,781,497 from 347,979,345 at August 24, 2010.

The increase of 7,802,152 shares stems from:

  * 5,259,652 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, EUR21.2 million remains
    available under the total EUR30.0 million SEDA facility with YA Global
    as entered into in 2009;
  * 2,542,500 shares for the conversion of the remaining EUR0.3 million
    bonds at a conversion price of EUR0.12 .This conversion relates to the
    EUR7.5 million January 2010 private bonds, which has now been fully
    cleared. The outstanding number of cashless warrants related to these
    bonds remains at 12.2 million.

"We are pleased that the January 2010 private bonds have now come down to nil," commented Sijmen de Vries, Chief Executive Officer. "These latest announcements demonstrate how the Company continues to make progress on improving the capital structure."


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.

Contact:

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



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Press release (PDF): http://hugin.info/132866/R/1442199/386480.pdf




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Source: Pharming Group N.V. via Thomson Reuters ONE

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