Pharming Raises Eur 17.1 Million For Development Of rhC1INH For New Indications
Leiden, The Netherlands, January 25, 2006. Biotech company Pharming Group N.V. (“Pharming” or “the Company”) (Euronext: PHARM) (PHARM.AS) announced today that it has raised EUR 17.1 million from new institutional investors for the further development of recombinant human C1 inhibitor (rhC1INH).
Pharming will use the proceeds to develop rhC1INH for additional indications beyond hereditary angioedema (HAE) and for corporate purposes. The Company placed a total of 4,500,000 shares at EUR 3.80 per share along with 675,000 warrants at an exercise price of EUR 4.00 per share and an exercise period of two years.
Amsterdams Effectenkantoor, Fortis Bank and Rabo Securities have placed the shares with institutional investors. Following this transaction, the total number of outstanding shares is 85.2 million and the total number of outstanding warrants is 1.28 million with an average exercise price of approximately EUR 4.50 per share.
“Pharming has obtained additional funding to pursue clinical studies for new indications with rhC1INH and for its strategic growth objectives,” said Dr. Francis J. Pinto, CEO of Pharming. “With this funding, Pharming is in a strong position to build its rhC1INH franchise and for completing agreements on rhC1INH in a manner that maximizes returns for our shareholders.”
Pharming has signed a term sheet for a strategic agreement on rhC1INH with an undisclosed partner. The Company expects to finalize this agreement soon and will update the market with further information in the near future.
Background on Pharming Group N.V.
Pharming Group N.V. is developing innovative protein products for unmet needs. The Company’s products include potential treatments for genetic disorders, specialty products for surgical indications, intermediates for various applications and food products. Pharming has two products in late stage development - recombinant human C1 inhibitor for hereditary angioedema (Phase III) and recombinant human lactoferrin for food use. The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, http://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. The press release also appears in Dutch. In the event of any inconsistency, the English version will prevail over the Dutch version.
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- Samir Singh
- Pharming Group N.V.
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