Pharming Group Secures Additional EUR 10 Million Financing from Yorkville Advisors
Published: Oct 05, 2009
With the extension, the Company currently has EUR 23.4 million available from YA Global under the SEDA financing instrument. Conditions of the amended agreement are similar to the existing SEDA announced in April of this year. Pharming will pay a one-off commitment fee of EUR 200,000 in shares for EUR 0.50 per share to YA Global.
"We are very pleased with this EUR 10 million extension of the SEDA with YA Global. It gives us the opportunity to raise additional cash when needed while minimalising dilution. In addition to the debt reduction commitments announced last week, the SEDA extension allows us to strengthen our financial position and has shown over the previous months to be a significant financial instrument to reduce our net cash burn ," said Dr. Sijmen de Vries, Chief Executive Officer of Pharming.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic disorders, ageing diseases, specialty products for surgical indications, and nutritional products. Pharming's lead product Rhucin? for acute attacks of Hereditary Angioedema has passed clinical development stage and the Market Authorization Application is under review with EMEA.. Prodarsan? is in early stage clinical development for Cockayne Syndrome and lactoferrin for use in food products The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, technology and processes for the purification and formulation of these products, as well as technology in the field of DNA repair (via DNage). Additional information is available on the Pharming website, http://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.
Ms. Marjolein van Helmond, Pharming Group NV, T: +31 (0)71 52 47 431 or +31 (0)6 109 299 54
Press Release (PDF): http://hugin.info/132866/R/1345586/323032.pdf
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