LEIDEN, The Netherlands, February 3, 2017 /PRNewswire/ --
- Total number of shares issued in the conversions is 7,558,479 ordinary shares
- Amount of Amortizing Bonds outstanding is reduced from €45.0 million to €39.7 million
- No cash payment was required in respect of the first instalment of the Bonds due on 1 February 2017 and the second installment due on 1 March 2017 has now also been mostly settled.
Pharming Group N.V. ("Pharming" or "the Company") (EURONEXT: PHARM) today announced that it has issued a further 7,558,479 new shares (in addition to the 10,823,881 new shares announced in the press release dated 26 January 2017) to holders of the Amortizing Bonds due 2017/8 who have converted more of their Bonds into shares ahead of the due date for payment of the first and also the second instalment on those Bonds. These conversions have been credited against the scheduled first and second instalments of the Bonds, due on 1 February 2017 and 1 March 2017, completely eliminating the first instalment cash payment and also almost completely settling the second instalment as well. The conversions all took place at the conversion price of the Amortizing Bonds of €0.289 per share, a premium of 30% to the 20-day volume-weighted average price of €0.222 as at 18 November 2016, the business day prior to publication of Pharming's Rights Issue prospectus on 21 November 2016 which included details of the Amortizing Bonds, and a premium of 41% to the rights price offered to existing shareholders in the rights issue on that date. As result of these conversions, the total amount outstanding of the Amortizing Bonds has been reduced from €45.0 million to €39.7 million.
The new shares represent 1.66% of the issued share capital of the Company at 31 December 2016, and 1.62% of the enlarged issued share capital of the Company following the last round of conversions. The revised issued share capital of the Company following this issue is 473,969,672 shares.
About Pharming Group N.V.
Pharming is a specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs. Pharming's lead product, RUCONEST® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema ("HAE") attacks in patients in Europe, the US, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization.
RUCONEST® is commercialized by Pharming in Algeria, Andorra, Austria, Bahrain, Belgium, France, Germany, Ireland, Jordan, Kuwait, Lebanon, Luxembourg, Morocco, the Netherlands, Oman, Portugal, Qatar, Syria, Spain, Switzerland, Tunisia, the United Arab Emirates, the United Kingdom, the United States of America and Yemen.
RUCONEST® is distributed by Swedish Orphan Biovitrum AB (publ) (SS: SOBI) in the other EU countries, and in Azerbaijan, Belarus, Georgia, Iceland, Kazakhstan, Liechtenstein, Norway, Russia, Serbia and Ukraine.
RUCONEST® is distributed in Argentina, Colombia, Costa Rica, the Dominican Republic, Panama, and Venezuela by Cytobioteck, in South Korea by HyupJin Corporation and in Israel by Megapharm.
RUCONEST® is also being investigated in a Phase II clinical trial for the treatment of HAE in young children (2-13 years of age) and evaluated for various additional follow-on indications.
Pharming's technology platform includes a unique, GMP-compliant, validated process for the production of pure recombinant human proteins that has proven capable of producing industrial quantities of high quality recombinant human proteins in a more economical and less immunogenetic way compared with current cell-line based methods. Leads for enzyme replacement therapy ("ERT") for Pompé and Fabry's diseases are being optimized at present, with additional programs not involving ERT also being explored at an early stage at present.
Pharming has a long term partnership with the China State Institute of Pharmaceutical Industry ("CSIPI"), a Sinopharm company, for joint global development of new products, starting with recombinant human Factor VIII for the treatment of Haemophilia A. Pre-clinical development and manufacturing will take place to global standards at CSIPI and are funded by CSIPI. Clinical development will be shared between the partners with each partner taking the costs for their territories under the partnership.
Pharming has declared that the Netherlands is its "Home Member State" pursuant to the amended article 5:25a paragraph 2 of the Dutch Financial Supervision Act.
Additional information is available on the Pharming website: http://www.pharming.com
This press release of Pharming Group N.V. and its subsidiaries ("Pharming", the "Company" or the "Group") may contain forward-looking statements including without limitation those regarding Pharming's financial projections, market expectations, developments, partnerships, plans, strategies and capital expenditures.
The Company cautions that such forward-looking statements may involve certain risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive, political and economic factors, legal claims, the Company's ability to protect intellectual property, fluctuations in exchange and interest rates, changes in taxation laws or rates, changes in legislation or accountancy practices and the Company's ability to identify, develop and successfully commercialize new products, markets or technologies.
As a result, the Company's actual performance, position and financial results and statements may differ materially from the plans, goals and expectations set forth in such forward-looking statements. The Company assumes no obligation to update any forward-looking statements or information, which should be taken as of their respective dates of issue, unless required by laws or regulations.
Pharming Group N.V.
Sijmen de Vries, CEO, Tel: +31-71-524-7400
Bruno Giannetti, COO, Tel: +31-71-524-7400
Julia Phillips/ Victoria Foster Mitchell, Tel: +44-203-727-1136
Lifespring Life Sciences Communication
Leon Melens, Tel: +31-6-53-81-64-27
SOURCE Pharming Group N.V.