Pharming announces offer to holders of convertible bonds with
financial support of current sharehold
(Thomson Reuters ONE) - Leiden, The Netherlands, September 21, 2009. Biotech companyPharming Group NV ("Pharming" or the "Company") (NYSE Euronext:PHARM) today announces that it has made a public offer to the holdersof convertible bonds (issued in 2007) to convert their bonds into acombination of cash and shares. * Pharming is offering ? 7,500 cash and 59,000 shares for each outstanding bond with a nominal value of ? 50,000. * The total amount of outstanding convertible bonds is ? 35.8 million. * The Company will execute the transaction if at least 60% of the outstanding convertible bonds are submitted for conversion. * To convert all of the outstanding bonds under this offer, Pharming would have to issue 42.24 million shares and pay ? 5.37 million cash.The cash needed for such transaction has been obtained from privateplacements with existing shareholders and from enhanced calls underthe existing Standby Equity Distribution Agreement with YorkvilleAdvisors. Together, the subscriptions for newly issued sharescurrently amount for up to ? 5.2 million. The new shares to be issuedin respect of this ? 5.2 million investment will reflect subscriptionprices in a range of ? 0.517 and ? 0.546 per share. Part of these newfunds is dependent upon 60% of the bondholders accepting the offer.As of today, the Company has already received ? 2.9 million. Duringthe course of this week, another ? 1.8 million is expected to bereceived, with the remainder to be settled over the next weeks. ?5.37 million has already been placed into an escrow account inanticipation of payment to convertible bondholders upon successfulcompletion of this offer, sourced from a combination of Pharming'sexisting cash balances and the new subscriptions for equity mentionedabove.Dr. Sijmen de Vries, Chief Executive Officer, commented: "We areextremely pleased with the support of our shareholders who havehelped us to finance this transaction. We believe that we have made afair offer to the bondholders which, if accepted, will provide thosebondholders with an equitable share of Pharming's equity, whilesimultaneously allowing us to make additional steps towards improvingour financial situation. We now believe that also, on completion ofthis transaction, we will be strongly positioned to focus on thedevelopment of, and ultimately bring to market, our core assetRhucin."Further details are described in the formal announcement on theCompany's website.This is not an offering memorandum or a prospectus and should not betreated as offering material of any sort and is for informationpurposes only. Not for distribution to any US person or in or intothe United States or to any Italian person or address in the republicof Italy.About Pharming Group NVPharming Group NV is developing innovative products for the treatmentof genetic disorders, ageing diseases, specialty products forsurgical indications, intermediates for various applications andnutritional products. Pharming has two products in late stagedevelopment - Rhucin® for Hereditary Angioedema and human Lactoferrinfor use in food products and one product in early stage clinicaldevelopment - Prodarsan® for Cockayne Syndrome. The advancedtechnologies of the Company include innovative platforms for theproduction of protein therapeutics, technology and processes for thepurification and formulation of these products, as well as technologyin the field of DNA repair (via DNage). Additional information isavailable on the Pharming website, http://www.pharming.com.This press release contains forward looking statements that involveknown and unknown risks, uncertainties and other factors, which maycause the actual results, performance or achievements of the Companyto be materially different from the results, performance orachievements expressed or implied by these forward lookingstatements.Contact:Ms. Marjolein van Helmond, Pharming Group NV, T: +31 (0)71 52 47 431or +31 (0)6 109 299 54http://hugin.info/132866/R/1342410/321313.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.09.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 5997
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