Pharming secures additional ? 10 million financing from Yorkville
Advisors
(Thomson Reuters ONE) - Over ? 23 Million Available Under AgreementLeiden, The Netherlands, October 5, 2009. Biotech company PharmingGroup NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) todayannounces that it has extended its ? 20 million Standby EquityDistribution Agreement (SEDA) with Yorkville Advisors Global MasterSPV LTD ("YA Global") as announced on April 15, 2009, by anadditional ? 10 million to ? 30 million in total.With the extension, the Company currently has ? 23.4 millionavailable from YA Global under the SEDA financing instrument.Conditions of the amended agreement are similar to the existing SEDAannounced in April of this year. Pharming will pay a one-offcommitment fee of ? 200,000 in shares for ? 0.50 per share to YAGlobal."We are very pleased with this ? 10 million extension of the SEDAwith YA Global. It gives us the opportunity to raise additional cashwhen needed while minimalising dilution. In addition to the debtreduction commitments announced last week, the SEDA extension allowsus to strengthen our financial position and has shown over theprevious months to be a significant financial instrument to reduceour net cash burn ," said Dr. Sijmen de Vries, Chief ExecutiveOfficer of Pharming.About Pharming Group NVPharming Group NV is developing innovative products for the treatmentof genetic disorders, ageing diseases, specialty products forsurgical indications, and nutritional products. Pharming's leadproduct Rhucin® for acute attacks of Hereditary Angioedema has passedclinical development stage and the Market Authorization Applicationis under review with EMEA.. Prodarsan® is in early stage clinicaldevelopment for Cockayne Syndrome and lactoferrin for use in foodproducts The advanced technologies of the Company include innovativeplatforms for the production of protein therapeutics, technology andprocesses for the purification and formulation of these products, aswell as technology in the field of DNA repair (via DNage). Additionalinformation is available 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/1345586/323032.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.10.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 6538
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