SOURCE: Pharming Group N.V.

March 15, 2010 03:08 ET

Pharming to hold Extraordinary Shareholders' Meeting

LEIDEN, NETHERLANDS--(Marketwire - March 15, 2010) -



Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) announced today that it will hold an Extraordinary General Meeting of Shareholders (EGM) on 30 March 2010. At the EGM, the Company will request approval from shareholders on administrative items pertaining to its share capital as well as changes in composition to the Board of Management.

On the share capital, the current number of outstanding shares is 154.5 million and current authorized share capital is 200 million. The majority of the remaining 45.5 million shares is reserved to be able to convert the outstanding convertible debt facilities of in total EUR18.4 million to equity, if and when necessary. As the available authorized share capital is limited, Pharming requires new shares in share capital to raise additional funds for the Company if and when needed. The Company will request approval to raise the authorized share capital with 200 million shares to 400 million shares and to lower the nominal value of the shares from EUR0.50 to EUR0.04. The approval of these items would provide Pharming with more flexibility in view of anticipated regulatory and commercial events in both the European Union and North America.

As 2010 will be a transformational year for Pharming, the Company intends to step-wise strengthenits Board of Management, with additional senior (pharmaceutical) industry experience in clinical and financial positions in the course of 2010. Dr. Rein Strijker will be focusing on the further development of Pharming's business unit DNage. He will be exploring possibilities to finance DNage to conserve cash resources for the transgenic business, for instance by attracting new investors for DNage. The Company has assigned an international executive search agency to recruit a fully dedicated Chief Financial Officer. In addition, Pharming's Board of Supervisory Directors proposes the appointment of Dr. Rienk Pijpstra as Chief Medical Officer at this EGM. Dr. Pijpstra will be responsible for the clinical development of Pharming's products as well as drug safety, medical information and regulatory affairs. Before joining Pharming in June 2009 as Head of Development and Medical Director, Dr. Pijpstra held senior clinical development positions at Eli Lilly, SmithKline Beecham, Glaxo SmithKline and most recently was Chief Development Officer at Basilea Pharmaceuticals. Dr Pijpstra received his MD and MBA from Leuven University.

The EGM will take place at Pharming's headquarters in Leiden, the Netherlands, on 30 March 2010 at 14:00 hrs CET.Pharming has published a notice in the Financieele Dagblad and the Euronext Daily Official List (OfficiÃ"le Prijscourant) of 15 March 2010. Further details of the meeting and all related documents can be found at the Pharming website as of today.

The Annual General Meeting of Shareholders (AGM), originally scheduled for 21 April 2010, will be rescheduled to 27 May 2010.A notice will be published and further details of the AGM and all related documents will be made available through the Company website in May.

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 withthe European Medicines Agency. 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, 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, Pharming Group NV, T: +31 (0)71 52 47 431 or +31 (0)6 109 299 54



[HUG#1393771]





Press release (PDF): http://hugin.info/132866/R/1393771/350852.pdf

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