SOURCE: Pharming Group N.V.

March 07, 2011 01:06 ET

Socius exercises warrants

LEIDEN, NETHERLANDS--(Marketwire - March 7, 2011) - Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that Socius CG II, Ltd, a subsidiary of Socius Capital Group, LLC ("Socius"), based in New York and Los Angeles, exercised all 24,339,623 warrants under the EUR16.1 million investment agreement entered into with Pharming in December 2010.

Under the terms of the agreement, Socius received 24,339,623 warrants with an exercise price of EUR0.212 (21.2 cents), which have now been exercised. Payment of the exercise takes place through a cash consideration of EUR0.04 per share (EUR973,584.92) and issuance of a Promissory Note for the remaining consideration of EUR4,186,415.08.

As of December 31, 2010, Pharming had 436,261,010 shares outstanding. The new number of outstanding shares is 461,116,470 comprising the previous balance and including the exercise of the warrants by Socius (24,339,623) and shares (515,837) issued as part consideration of bonus payments to Pharming staff.

About Pharming Group NV Pharming Group NV is developing innovative products for the treatment of unmet medical needs. Ruconest™ (Rhucin® in non-European territories) is a recombinant human C1 inhibitor approved for the treatment of angioedema attacks in patients with HAE in all 27 EU countries plus Norway, Iceland and Liechtenstein. 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. Additional information is available on the Pharming website,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.


Press release (PDF): http://hugin.info/132866/R/1494821/430628.pdf


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

[HUG#1494821]

Contact Information

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