LEIDEN, NETHERLANDS--(Marketwire - July 21, 2011) -
Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that
completed a financing of EUR3.2 million adding new US based specialist
Upon the closing of the transaction, Pharming will receive gross
approximately EUR3.2 million in exchange for the issuance of 29,000,000
Pharming common stock. Warrants to purchase 20,300,000 shares of
common stock have also been issued, subject to shareholder approval
increase of the authorized share capital no later than at the AGM in
warrants are exercisable for a period of 5 years starting on the
anniversary of the increase of the authorized share capital (i.e. no later
May 2013) at an exercise price of EUR0.11 per share. Under the agreement
investors were granted a Right of First Refusal to participate in
additional follow-on offerings of equity during the upcoming 6 months.
The new funds from this transaction strengthen the balance sheet and
Company to extend its cash runway into the second quarter of 2012. This
excludes any additional cash inflows from further partnering
Rhucin and the transgenic platform and the continuing roll- out of
Europe. In addition, upon completion of certain clinical,
commercial milestones related to progress with Rhucin in the USA, Pharming
become entitled to up to US$35 million in future milestone payments from
partner Santarus Inc.
With the closing of this transaction, the number of Pharming shares
has been increased from 461,116,470 to 490,116,470.
Roth Capital Partners, acted as sole placement agent to Pharming in
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of
medical needs. Ruconest(®) (Rhucin(®) in non-European
territories) is a
recombinant human C1 inhibitor approved for the treatment of angioedema
in patients with HAE in all 27 EU countries plus Norway, Iceland
Liechtenstein, and is distributed in the EU by Swedish Orphan Biovitrum
(STO: SOBI). The product is also under development for follow-on indications,
antibody-mediated rejection (AMR) and delayed graft function (DGF)
kidney transplantation. The advanced technologies of the Company
innovative platforms for the production of protein therapeutics and
and processes for the purification and formulation of these products.
information is available on the Pharming website, www.pharming.com.
This press release contains forward looking statements that involve
unknown risks, uncertainties and other factors, which may cause the
results, performance or achievements of the Company to be materially
from the results, performance or achievements expressed or implied by
forward looking statements.
Press release (PDF):
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Source: Pharming Group N.V. via Thomson Reuters ONE