Pharming Group (PHGUF.PK) Announces ("Sub 10%") €14.7 Million Private Equity Placement With Institutional Investors
4/22/2014 8:08:39 AM
Leiden, the Netherlands, April 22, 2014. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that it has entered into a “sub 10%” private equity placement of €14.7 million (€14.04 million net proceeds after subtraction of transaction fees) with existing institutional investors.
The placement is priced at €0.49 per share, which is the average closing price of the shares over the last five trading days. A total of 30,000,000 shares, representing 8% of the outstanding share capital, will be issued to the investors. In addition the investors will receive 21,000,000 warrants with a strike price of €0.57. The exercise period of the warrants is two years.
Sijmen de Vries, Pharming CEO, said: “The strengthening of our balance sheet as result of this financing will enable us to accelerate investing in building the inherent value of the Ruconest franchise and our technology platform, including options to participate in the commercialisation of Ruconest in selected countries together with partners.”
After completion of this transaction the number of outstanding shares will increase from 374,603,750 to 403,603,750.
Roth Capital Partners acted as the lead 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® (conestat alfa) 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 Salix Pharmaceuticals Inc. (NASDAQ: SLXP) in North America and a Biologics License Application (BLA) 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. In July 2013, the Platform was partnered with Shanghai Institute for Pharmaceutical Industry (SIPI), a Sinopharm Company, for joint global development of new products. Pre- clinical development and manufacturing will take place at SIPI and are funded by SIPI. Pharming and SIPI initially plan 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.
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.
Pharming : FTI Consulting :
Sijmen de Vries, CEO: T: +31 71 524 7400 Julia Phillips/ John Dineen, T : +44 207 269 7193
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