Pharming Group Redeems Final Tranche of Convertible Bond for Cash
Published: Aug 29, 2013
LEIDEN, THE NETHERLANDS--(Marketwired - August 29, 2013) - Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it decided to redeem the seventh and final tranche of its EUR16.35 million convertible bond for cash. A total of EUR 2,354,465 will be paid in cash to the bondholders on 1 October 2013 under the terms and conditions of the bond, serving as a final redemption and interest payment.
Yesterday, as the (also final) balancing payment for the redemption of the 6(th) tranche, 827,347 shares were issued to the Bondholders. As result of this issuance, the number of outstanding shares has increased from 229,042,869 to 229,870,216.
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 in full 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. The remaining redemption date for this last tranche is 1 October.
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 Santarus, Inc. (NASDAQ: SNTS) 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.
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/1725823/575639.pdf
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Source: Pharming Group N.V. via Thomson Reuters ONE
Sijmen de Vries
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