Pharming secures ?10 million working capital facility from existing investors
(Thomson Reuters ONE) -
Leiden, The Netherlands, August 1, 2012. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announces that it has
secured an equity working capital facility of up to ?10 million for a two year
term, with Kingsbrook Opportunities Master Fund LP as lead investor and other
institutional investors ("the Investors").
The working capital facility should enable Pharming's cash runway to reach the
anticipated read out of Study 1310 for Ruconest in the US and the associated
US$10 million milestone payment (upon successful read out of the study) and a
further US$5 million upon acceptance of the BLA by the FDA from US partner,
Santarus, Inc.
Pharming will have the option to draw from the working capital facility in
tranches in exchange for ordinary shares in the capital of the Company. Pharming
will retain control of the timing and amount of any funds draw down. Pharming
must give notice to the Investors (a "Draw Down Notice") prior to drawing down
funds. Each Draw Down Notice will state the number of ordinary shares Pharming
wishes to sell to the Investors ("the Draw Down Amount"). The Investors have the
option to purchase up to 600% of the Draw Down Amount.
On signing, the Investors will receive warrants to purchase up to an aggregate
of 16,500,000 ordinary shares in the capital of the Company. When draw downs
have exceeded a total of ?2,500,000 and for every subsequent ?2,500,000 drawn,
the Investors will receive additional warrants to purchase up to an additional
16,500,000 ordinary shares. The warrants have an exercise period of five years
and are exercisable at a strike price equal to 110% of the average of the volume
weighted average price of the ordinary shares on the market for the 10 trading
days prior to the signing of this agreement.
Sijmen de Vries, CEO, said "Pharming is very pleased to have secured this
facility against a backdrop of extremely difficult conditions in the capital
markets. The facility can be used at Pharming's option and should enable
Pharming to reach the unblinding of Study 1310. This financing has been achieved
as part of the ongoing strategic review and is a key component of strengthening
the Company's cash position".
Roth Capital Partners LLC acted as sole placement agent in this transaction.
RUCONEST(®) Phase III Study
Pharming is conducting a Phase III clinical study with RUCONEST(®) under a
Special Protocol Assessment (SPA) that is intended to support the submission of
a Biologics License Application (BLA) to the U.S. Food and Drug Administration
(FDA). RUCONEST is being evaluated for the treatment of acute attacks of
angioedema in patients with HAE in an international, multicenter, randomized,
placebo-controlled Phase III study at a dosage strength of 50 U/kg with a
primary endpoint of time to beginning of relief of symptoms. Santarus has
licensed certain exclusive rights from Pharming to commercialize RUCONEST in
North America for the treatment of acute attacks of HAE and other future
indications. Under the terms of the license agreement, a $10 million milestone
is payable to Pharming upon successful achievement of the primary endpoint of
the Phase III clinical study. The study is expected to be completed by the end
of the third quarter of 2012.
About RUCONEST(®) and Hereditary Angioedema
RUCONEST(®) (INN conestat alfa) is a recombinant version of the human protein C1
inhibitor (C1INH). RUCONEST is produced through Pharming's proprietary
technology in milk of transgenic rabbits and is approved in Europe for treatment
of acute angioedema attacks in patients with HAE. RUCONEST(®) is an
investigational drug in the U.S. and has been granted orphan drug designation
for the treatment of acute attacks of HAE, a genetic disorder in which the
patient is deficient in or lacks a functional plasma protein C1 inhibitor,
resulting in unpredictable and debilitating episodes of intense swelling of the
extremities, face, trunk, genitals, abdomen and upper airway. The frequency and
severity of HAE attacks vary and are most serious when they involve laryngeal
edema, which can close the upper airway and cause death by asphyxiation.
According to the U.S. Hereditary Angioedema Association, epidemiological
estimates for HAE range from one in 10,000 to one in 50,000 individuals.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of unmet
medical needs. RUCONEST® 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 (OMX: SOBI). RUCONEST(®) 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. A feasibility study, using the validated
transgenic rabbit platform, aimed at the development of recombinant Factor VIII
for the treatment of Haemophilia A is underway with partner, Renova Life, Inc.
Additional information is available on the Pharming website, www.pharming.com.
To download the Pharming Group Investor Relations App, click here.
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, CEO: T: +31 (0)71 524 7400
Karl Keegan, CFO: T: +31 (0)71 524 7400
FTI Consulting
Julia Phillips/ John Dineen, T: +44 (0)207 269 7193
# # #
Press release (PDF):
http://hugin.info/132866/R/1631005/522787.pdf
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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#1631005]
Unternehmensinformation / Kurzprofil:
Datum: 01.08.2012 - 07:08 Uhr
Sprache: Deutsch
News-ID 170494
Anzahl Zeichen: 7545
contact information:
Town:
Leiden
Kategorie:
Business News
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