LEIDEN, Netherlands, Oct. 9, 2013 (GLOBE NEWSWIRE) --
Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announced that it has
entered into a private equity placement of €12.0 million (€11.5 million net
proceeds after subtraction of transaction fees) with existing and new
institutional investors. Participating institutional investors include current
shareholders Deerfield Management Company, Kingdon Capital Management and
Broadfin Capital.
The placement is priced at €0.117 per share, which represents a 10% discount to
last night's closing price of €0.13 per share. A total of 102,564,103 shares
will be issued to the investors. In addition the investors will receive
25,641,026 Warrants with a strike price of €0.135. The exercise period of the
warrants is five years.
Sijmen de Vries, Pharming CEO, said: "I am pleased that, ahead of the April FDA
decision on the Ruconest® BLA, our existing institutional shareholders have
demonstrated their belief in the potential of the Company by increasing their
holding. I am also pleased to note that new institutional shareholders have
decided to also take a position in our Company. This private placement
represents an important strengthening of our balance sheet, not only does it
allow us to continue to fund the manufacturing of new Ruconest inventory in
preparation for a US launch and roll-out, it also allows us to fund the planned
US clinical trial for prophylaxis of HAE together with our US partner Santarus,
(NASDAQ:SNTS)."
After completion of this transaction the number of outstanding shares will
increased from 229,870,216 to 332,434,319. The new shares will be admitted to
listing and trading on Euronext Amsterdam pursuant to a listing prospectus which
is expected to be published next week upon AFM approval on the Company's website
and on the AFM website.
Roth Capital Partners acted as the lead placement agent to Pharming in this
transaction.
ENDS
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of unmet
medical needs. RUCONEST® (conestat alfa) is a recombinant human C1 esterase
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. RUCONEST® is partnered with
Santarus, Inc. (NASDAQ: SNTS) in North America and a Biologics License
Application (BLA) for RUCONEST® is under review by the U.S. Food and Drug
Administration. The product is also being evaluated for various follow-on
indications. Pharming has a unique GMP compliant, validated platform for the
production of recombinant human proteins that has proven capable of producing
industrial volumes of high quality recombinant human protein in a more
economical way compared to current cell based technologies. In July 2013, the
Platform was partnered with Shanghai Institute for Pharmaceutical Industry
(SIPI), a Sinopharm Company, for joint global development of new products. Pre-
clinical development and manufacturing will take place at SIPI and are funded by
SIPI. Pharming and SIPI initially plan to utilise this platform for the
development of rhFVIII for the treatment of Haemophilia A. Additional
information is available on the Pharming website, www.pharming.com.
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: T: +31 71 524 7400
FTI Consulting :
Julia Phillips/ John Dineen, T: +44 (0)207 269 7193
Press release (PDF): http://hugin.info/132866/R/1734470/580934.pdf
[HUG#1734470]