Pharming finalizes conversion of 70% of outstanding bonds
(Thomson Reuters ONE) - Convertible debt reduced from ? 35.8 million to ? 10.9 millionLeiden, The Netherlands, October 8, 2009. Biotech company PharmingGroup NV ("Pharming" or the "Company") (NYSE Euronext: PHARM) todayannounces that it has completed conversion of 70% of its outstandingconvertible bonds. As a result, the total amount of outstandingconvertible debt has now been reduced from ? 35.8 million to ? 10.9million.Following the offer on September 21, 2009 to its bondholders toconvert their bonds into a combination of cash and shares, Pharmingreceived commitments to convert 70% of the outstanding nominal amountof the bonds, which was announced on September 29, 2009. In respectof these commitments, valid applications for conversion have now beenreceived. These applications exceed the minimum participation of 60%which was set as a condition precedent to the offer. Consequently,the transaction has now been executed and the total amount ofoutstanding debt from the convertible bonds reduced from ? 35.8million to ? 10.9 million. This transaction amounts to 29.38 millionnewly issued shares and ? 3.74 million cash paid. The cash for thistransaction has been obtained from private placements with existingshareholders. With the execution of the transaction, the 3.87 millionshares that were to be issued to these shareholders, conditional onthe offer's success, will now be issued. As a result of the abovetransactions, Pharming's total number of outstanding ordinary shareswill increase to 154.5 million shares."We initially aimed at removing 60% of our outstanding convertibledebt from our balance sheet. We are very pleased that we now haveexceeded our goal and removed 70% of this debt. With the cash forthis transaction funded by existing shareholders, we havesignificantly strengthened our balance sheet without using asubstantial amount of our cash reserved for our ongoing operations,"said Dr. Sijmen de Vries, Chief Executive Officer. "We continue towork on further improvement of our financial position. The reductionof our debt represents a pivotal first step to get a solid foundationfrom which we can proceed now to unlock the value of our key assetssuch as Rhucin."Bondholders who have not yet returned a conversion application andwish to participate in the offer, may still do so by completing andsubmitting the application by October 13, 2009. Further details aredescribed in the formal announcement on the Company'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, 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/1346558/323501.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 08.10.2009 - 17:45 Uhr
Sprache: Deutsch
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