Pharming redeems final tranche of convertible bond for cash
August 29 2013 - 10:12AM
No additional
shares to be issued for final tranche
Leiden,
The Netherlands, 29 August 2013. Biotech company
Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext:
PHARM) today announced that it decided to redeem the seventh and
final tranche of its €16.35 million convertible bond for cash. A
total of € 2,354,465 will be paid in cash to the bondholders on 1
October 2013 under the terms and conditions of the bond, serving as
a final redemption and interest payment.
Yesterday, as the (also final) balancing payment
for the redemption of the 6th tranche,
827,347 shares were issued to the Bondholders. As result of this
issuance, the number of outstanding shares has increased from
229,042,869 to 229,870,216.
About the January 2013
Convertible Bonds
As announced in our press release on 16 January 2013, and following
the approval of the increase of the Company's authorized share
capital during the extraordinary general meeting of shareholders,
which was held on February 28, 2013, Pharming will redeem the bond
in full on a month by month basis in seven equal tranches, such
that the bond will be redeemed in full on 1 October 2013. Pharming
can decide at its discretion to redeem the bond and pay the
interest due, by means of monthly equity tranches or cash payments.
The remaining redemption date for this last tranche is 1
October.
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.
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
Sijmen de Vries, CEO: T: +31 71 524 7400
FTI Consulting
Julia Phillips/ John Dineen, T: +44 (0)207 269 7193
# # #
Press release (PDF)
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Pharming Group N.V. via Thomson Reuters ONE
HUG#1725823