SOURCE: Pharming Group N.V.

October 13, 2009 12:25 ET

Pharming confirms successful closing of offer on convertible bonds

LEIDEN, NETHERLANDS--(Marketwire - October 13, 2009) - Biotech company Pharming Group NV ("Pharming" or the "Company") (NYSE Euronext: PHARM) today announces that the offer on the conversion of bonds (issued in 2007) into a combination of cash and shares, which was announced on September 21, 2009, has been closed.

Pharming completed conversion of 70% of the outstanding nominal amount of the bonds, as was announced on October 8, 2009. The total amount of outstanding convertible debt has been reduced from EUR 35.8 million to EUR 10.9 million in return for EUR 3.7 million cash paid to the converting bondholders and 29.4 million newly issued shares. As a result from several transactions in the last ten months, the original convertible debt of EUR 70.0 million was reduced by EUR 59.1 million for a total consideration of EUR 8.6 million in cash and a total of 45.1 million shares. Annual interest payments are now reduced from EUR 4.8 million to EUR 0.7 million.

About Pharming Group NV

Pharming Group NV is developing innovative products for the treatment of genetic disorders, ageing diseases, specialty products for surgical indications, and nutritional products. Pharming's lead product Rhucin® for acute attacks of Hereditary Angioedema has passed clinical development stage and the Market Authorization Application is under review with EMEA. Prodarsan® is in early stage clinical development for Cockayne Syndrome and lactoferrin for use in food products 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, as well as technology in the field of DNA repair (via DNage). 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.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Contact Information

  • Contact:

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