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Pharming Group (PHGUF.PK) Completes a Private Placement Raising EUR3.2 Million



7/21/2011 8:17:05 AM

LEIDEN, NETHERLANDS--(Marketwire - July 21, 2011) -



Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it has completed a financing of EUR3.2 million adding new US based specialist investors.

Upon the closing of the transaction, Pharming will receive gross proceeds of approximately EUR3.2 million in exchange for the issuance of 29,000,000 shares of Pharming common stock. Warrants to purchase 20,300,000 shares of Pharming common stock have also been issued, subject to shareholder approval of an increase of the authorized share capital no later than at the AGM in 2012. The warrants are exercisable for a period of 5 years starting on the first anniversary of the increase of the authorized share capital (i.e. no later than May 2013) at an exercise price of EUR0.11 per share. Under the agreement the new investors were granted a Right of First Refusal to participate in potential additional follow-on offerings of equity during the upcoming 6 months.

The new funds from this transaction strengthen the balance sheet and enable the Company to extend its cash runway into the second quarter of 2012. This guidance excludes any additional cash inflows from further partnering agreements on Rhucin and the transgenic platform and the continuing roll- out of Ruconest in Europe. In addition, upon completion of certain clinical, regulatory and commercial milestones related to progress with Rhucin in the USA, Pharming will become entitled to up to US$35 million in future milestone payments from its US partner Santarus Inc.

With the closing of this transaction, the number of Pharming shares outstanding has been increased from 461,116,470 to 490,116,470.

Roth Capital Partners, acted as sole placement agent to Pharming in this transaction.

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, and is distributed in the EU by Swedish Orphan Biovitrum (STO: SOBI). 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 and 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/1532507/466675.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

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

[HUG#1532507]


Contact:
Contact:
Pharming:
Sijmen de Vries
CEO
Karl Keegan
CFO
T: +31 (0)71 524 7400

Financial Dynamics:
John Dineen
T: +44 207 269 7193


Read at BioSpace.com


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