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Pharming Group (PHGUF.PK) Elects to Redeem Fifth Tranche of Convertible Bond for Cash
6/24/2013 10:26:37 AM
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Leiden, The Netherlands, 24 June 2013. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that it has notified the bondholders that the fifth tranche of its €16.35 million convertible bond will be redeemed for cash, therefore no shares are to be issued to the bondholders for this fifth tranche. An amount of €2,391,966, representing the total sum of the re- payment of this tranche and interest will be paid to the bondholders on 25 July (the fifth redemption date), under the terms and conditions of the bond.
Sijmen de Vries, Pharming’s CEO commented; “The redemption of this tranche of the bond in cash rather than in shares is mainly driven by the wish to reduce its’ diluting effect. The recent positive development of the share price combined with the acceptance for review of the Ruconest BLA that provides us with an additional US$5 million milestone from our US partner Santarus, gives us the confidence to make this repayment in cash. We believe that the recent interest of institutional investors, such as Deerfield Management Company who now hold a stake in excess of 5% in Pharming, means that we will now also be able to explore alternative approaches to future funding of some cash reserves.”
About the January 2013 Convertible Bonds
As announced in our press release on 16 January 2013, and following the approval of the increase of the Company’s authorized share capital during the extraordinary general meeting of shareholders, which was held on February 28, 2013, Pharming will redeem the bond on a month by month basis in seven equal tranches, such that the bond will be redeemed in full on 1 October 2013. Pharming can decide at its discretion to redeem the bond and pay the interest due, by means of monthly equity tranches or cash payments, of which five of the seven have now been redeemed, such that redemption of the bond will be completed on 1 October 2013. The redemption dates remaining are; 28 August and 1 October.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of unmet medical needs. RUCONEST® is a recombinant human C1 esterase 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. RUCONEST® is partnered with Santarus, Inc. (NASDAQ: SNTS) in North America and a Biologics License Application for RUCONEST is under review by the U.S. Food and Drug Administration. The product is also being evaluated for various follow-on indications. Pharming has a unique GMP compliant, validated platform for the production of recombinant human proteins that has proven capable of producing industrial volumes of high quality recombinant human protein in a more economical way compared to current cell based technologies. Pharming now plans to utilise this platform for the development of rhFVIII for the treatment of Haemophilia A. 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.
Contact Sijmen de Vries, CEO: T: +31 71 524 7400
Julia Phillips/ John Dineen, T: +44 (0)207 269 7193
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