Leiden, The Netherlands, January 05, 2010. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it has
secured a convertible debt financing of Euro 7.5 million.
The financing has been structured in the form of a one year (non-listed)
convertible debt instrument that is convertible into Pharming shares at Euro
0.50. The debt has a coupon of 9 per cent per annum and is subordinated to the
existing Euro 10.9 million convertible bond. In addition, 15 million warrants
are being issued to investors with an exercise price of Euro 0.50and an
expiration date of December 31, 2012. Pharming has access to an additional Euro
2.5 million under this convertible debt agreement on mutually acceptable terms
to investors and the Company.
The convertible debt can be repaid in cash in whole or in part at the option of
the investor if a commercialisation deal for Rhucin materialises with an upfront
payment in excess of an undisclosed amount. Under specific future conditions,
the conversion price and exercise price of the warrants could be reduced
according to the lowest five day volume weighted average share price along with
a 5% discount following a notice of conversion.
Dr. Sijmen de Vries, Chief Executive Officer of Pharming, said: "This financing
provides a good basis for Pharming to work with the EMEA and FDA to bring Rhucin
forward through the regulatory review process and also allows the Company to
complete commercialisation partnerships for Rhucin."
Roth Capital Partners, LLC acted as financial advisor to Pharming in this
transaction.
About Pharming Group NVPharming 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, http://www.pharming.com. <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#1370273]
Press release (PDF): http://hugin.info/132866/R/1370273/335143.pdf