LEIDEN, NETHERLANDS--(Marketwire - October 12, 2010) - Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today confirms the anticipated exercise of the put option by the 2007 public bondholders to repay the remaining outstanding 2007 convertible bonds per 31 October 2010. The Company has sufficient cash available to repay the EUR10.9 million nominal bonds plus the final semi-annual EUR0.4 million interest and to continue operations into 2011.
Dr. Sijmen de Vries, Chief Executive Officer of Pharming: "We are very pleased that, as anticipated, we are now able to close the book on, and pay-off this debt. We can now focus on building and on executing our plans to financial sustainability."
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic disorders, specialty products for surgical indications, and nutritional products. On June 24, the European Medicines Agency adopted a positive opinion for Ruconest™ (Rhucin® in non-EU territories) for the treatment of angioedema attacks. Market Authorization in the European Economic Area is therefore expected imminently with an anticipated market launch in the fourth quarter 2010. The product is also under development for follow-on indications, i.e. antibody-mediated rejection (AMR) and delayed graft function (DGF) following kidney transplantation. 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. 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.
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Press release (PDF):
http://hugin.info/132866/R/1450964/392187.pdf
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Source: Pharming Group N.V. via Thomson Reuters ONE
Contact:
Marjolein van Helmond
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