Pharming receives commitment for conversion of 70% of outstanding
bonds
(Thomson Reuters ONE) - Extension of offer period for logistical reasonsLeiden, The Netherlands, September 30, 2009. Biotech companyPharming Group NV ("Pharming" or the "Company") (NYSE Euronext:PHARM) has received commitment from bondholders, representing 70% ofthe nominal amount of the currently outstanding bonds, to accept theoffer to convert the bonds as announced on September 21, 2009.Together, they exceed the threshold level of 60% which Pharming setas a minimum participation in order to execute the transaction.At the request of certain bondholders and for the purpose ofcompleting the logistics of the applications for conversion, theoffer period has been extended by two weeks until October 13, 2009.Bondholders, who have not yet returned a conversion application andwish to participate in the offer, may still do so by completing theapplication. Further details are described in the formal announcementon the Company's website.On September 21, 2009, Pharming made a public offer to the holders ofconvertible bonds (issued in 2007) to convert their bonds into acombination of cash and shares. Under the proposed transaction,Pharming offers? 7,500 cash and 59,000 shares for each outstanding bond with anominal value of ? 50,000. Following conversion of 70% of the bonds,the total amount of outstanding debt from the convertible bonds willbe reduced from ? 35.8 million to ? 10.9 million. This transactionwill amount to 29.38 million newly issued shares and ? 3.74 millioncash to be paid.Dr. Sijmen de Vries, Chief Executive Officer, commented: "We are verypleased that 70% of our outstanding convertible debt will be removedfrom our balance sheet following the completion of this transaction.While the logistics involved with completing the transaction arecompleted over the next days, we will continue to accept any furtherapplications for conversion. This transaction significantlystrengthens our balance sheet and will open the way for additionaldeals that should further improve our financial position."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/1344783/322569.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.09.2009 - 08:00 Uhr
Sprache: Deutsch
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