Pharming completes a private placement raising ?3.2 million
(Thomson Reuters ONE) -
Leiden, The Netherlands, 21 July 2011. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it has
completed a financing of ?3.2 million adding new US based specialist investors.
Upon the closing of the transaction, Pharming will receive gross proceeds of
approximately ?3.2 million in exchange for the issuance of 29,000,000 shares of
Pharming common stock. Warrants to purchase 20,300,000 shares of Pharming
common stock have also been issued, subject to shareholder approval of an
increase of the authorized share capital no later than at the AGM in 2012. The
warrants are exercisable for a period of 5 years starting on the first
anniversary of the increase of the authorized share capital (i.e. no later than
May 2013) at an exercise price of ?0.11 per share. Under the agreement the new
investors were granted a Right of First Refusal to participate in potential
additional follow-on offerings of equity during the upcoming 6 months.
The new funds from this transaction strengthen the balance sheet and enable the
Company to extend its cash runway into the second quarter of 2012. 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. In addition, upon completion of certain clinical, regulatory and
commercial milestones related to progress with Rhucin in the USA, Pharming will
become entitled to up to US$35 million in future milestone payments from its US
partner Santarus Inc.
With the closing of this transaction, the number of Pharming shares outstanding
has been increased from 461,116,470 to 490,116,470.
Roth Capital Partners, acted as sole placement agent to Pharming in this
transaction.
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 (STO:
SOBI). 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 and 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.
Contact:
Pharming: Sijmen de Vries, CEO, Karl Keegan, CFO T: +31
(0)71 524 7400
Financial Dynamics: John Dineen T:
+44 207 269 7193
Press release (PDF):
http://hugin.info/132866/R/1532507/466675.pdf
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originality of the information contained therein.
Source: Pharming Group N.V. via Thomson Reuters ONE
[HUG#1532507]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 56592
Anzahl Zeichen: 4304
contact information:
Town:
Leiden
Kategorie:
Business News
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