Pharming Clears 2010 Private Bond Debt
Leiden, The Netherlands, September 2, 2010. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that it has converted all of the remaining January 2010 bonds. The current number of outstanding shares as per today is 355,781,497 from 347,979,345 at August 24, 2010.
The increase of 7,802,152 shares stems from:
•5,259,652 shares issued under the Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV LTD (“YA Global”) for a cash consideration of €750,000. As per today, €21.2 million remains available under the total €30.0 million SEDA facility with YA Global as entered into in 2009;
•2,542,500 shares for the conversion of the remaining €0.3 million bonds at a conversion price of €0.12 .This conversion relates to the €7.5 million January 2010 private bonds, which has now been fully cleared. The outstanding number of cashless warrants related to these bonds remains at 12.2 million.
“We are pleased that the January 2010 private bonds have now come down to nil,” commented Sijmen de Vries, Chief Executive Officer. “These latest announcements demonstrate how the Company continues to make progress on improving the capital structure.”
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