LEIDEN, NETHERLANDS--(Marketwire - August 28, 2009) - Biotech company Pharming Group NV (“Pharming”) (NYSE Euronext: PHARM) today provided an update on its outstanding number of shares following a transaction with YA Global Master SPV LTD (“YA Global”).
Under the Standby Equity Distribution Agreement (SEDA) with YA Global, Pharming issued 773,568 ordinary shares for a cash consideration of EUR 0.4 million. As a result of the above transactions, Pharming’s total number of outstanding ordinary shares is currently 113,936,555 shares.
Chief Executive Officer of Pharming, Sijmen de Vries: “We continue to be very pleased with the YA Global SEDA, as it provides us with the flexibility of being able to step- wise raise new funds to support our balance sheet position, thus minimising dilution for our current shareholders, whilst at the same time we are working on several other types of transactions including (convertible) debt, project-specific financing and licensing deals.”
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic disorders, ageing diseases, specialty products for surgical indications, intermediates for various applications and nutritional products. Pharming has two products in late stage development - Rhucin® for Hereditary Angioedema and human Lactoferrin for use in food products and one product in early stage clinical development - Prodarsan® for Cockayne Syndrome. 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.
Contact:
Sijmen de Vries, Pharming Group NV, T: +31 (0)71 52 47 400
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