LEIDEN, NETHERLANDS--(Marketwire - January 06, 2012) - Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that
it has
redeemed part of its EUR8.4 million convertible bond. A total of 38.9
million
shares were issued to the bondholders under the terms and conditions of the
bond, serving as a pre-installment for the February 6, 2012 redemption and
interest payment, with the balance to be held for subsequent redemptions,
if
elected to be paid in shares. It is expected that the shares will be
admitted to
listing and trading on Euronext Amsterdam on January 9, 2012.
As announced in our press release on December 23, 2011, subject to the
approval
of the proposed increase of the Company's authorized share capital during
the
extraordinary general meeting to be held on February 3, 2012, Pharming will
redeem the bond on a month by month basis such that the bond will be
redeemed in
full on July 15, 2012. 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 new funds from this transaction strengthen the balance sheet and enable
the
Company to extend its cash runway beyond the anticipated read out of Study
1310. As has been previously disclosed, the successful read out of this
trial is
associated with a $10 million milestone from Pharming's US partner Santarus
Inc,
with an additional $5 million due upon acceptance of the Biologic License
Application (BLA) by the FDA. Subject to these milestones, the Company will
be
financed into 2013. This guidance excludes any additional cash inflows from
further partnering agreements on Rhucin® and the transgenic platform
and the
continuing roll-out of Ruconest® in Europe.
As of today, the number of outstanding shares has increased to 528,995,524.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of
unmet
medical needs. RUCONEST® (RHUCIN® in non-European territories) is
a
recombinant human C1 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.
Rhucin® is partnered with Santarus Inc (NASDAQ: SNTS) in North America
where
the drug is undergoing Phase III clinical development. The product is also
being
evaluated for follow-on indications in the areas of transplantation and
reperfusion injury. The advanced technologies of the Company include
innovative
and validated platforms for the production of protein therapeutics,
technology
and processes for the purification and formulation of these products.
Recently a
new project, using the validated transgenic rabbit platform, aimed at the
development of recombinant Factor VIII for the treatment of Haemophilia A
was
initiated. 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/1575580/490750.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pharming Group N.V. via Thomson Reuters ONE
[HUG#1575580]
