LEIDEN, THE NETHERLANDS--(Marketwire - Aug 1, 2012) - Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today announces that
secured an equity working capital facility of up to EUR10 million for a
term, with Kingsbrook Opportunities Master Fund LP as lead investor and
institutional investors ("the Investors").
The working capital facility should enable Pharming's cash runway to
anticipated read out of Study 1310 for Ruconest in the US and the
US$10 million milestone payment (upon successful read out of the study)
further US$5 million upon acceptance of the BLA by the FDA from US
Pharming will have the option to draw from the working capital
tranches in exchange for ordinary shares in the capital of the Company.
will retain control of the timing and amount of any funds draw down.
must give notice to the Investors (a "Draw Down Notice") prior to drawing
funds. Each Draw Down Notice will state the number of ordinary shares
wishes to sell to the Investors ("the Draw Down Amount"). The Investors
option to purchase up to 600% of the Draw Down Amount.
On signing, the Investors will receive warrants to purchase up to an
of 16,500,000 ordinary shares in the capital of the Company. When draw
have exceeded a total of EUR2,500,000 and for every subsequent
the Investors will receive additional warrants to purchase up to an
16,500,000 ordinary shares. The warrants have an exercise period of five
and are exercisable at a strike price equal to 110% of the average of the
weighted average price of the ordinary shares on the market for the 10
days prior to the signing of this agreement.
Sijmen de Vries, CEO, said "Pharming is very pleased to have secured
facility against a backdrop of extremely difficult conditions in the
markets. The facility can be used at Pharming's option and should
Pharming to reach the unblinding of Study 1310. This financing has been
as part of the ongoing strategic review and is a key component of
the Company's cash position".
Roth Capital Partners LLC acted as sole placement agent in this
RUCONEST® Phase III Study
Pharming is conducting a Phase III clinical study with RUCONEST®
Special Protocol Assessment (SPA) that is intended to support the
a Biologics License Application (BLA) to the U.S. Food and Drug
(FDA). RUCONEST is being evaluated for the treatment of acute
angioedema in patients with HAE in an international, multicenter,
placebo-controlled Phase III study at a dosage strength of 50 U/kg
primary endpoint of time to beginning of relief of symptoms.
licensed certain exclusive rights from Pharming to commercialize
North America for the treatment of acute attacks of HAE and other
indications. Under the terms of the license agreement, a $10 million
is payable to Pharming upon successful achievement of the primary
the Phase III clinical study. The study is expected to be completed by
of the third quarter of 2012.
About RUCONEST® and Hereditary Angioedema
RUCONEST® (INN conestat alfa) is a recombinant version of the human
inhibitor (C1INH). RUCONEST is produced through Pharming's
technology in milk of transgenic rabbits and is approved in Europe for
of acute angioedema attacks in patients with HAE. RUCONEST®
investigational drug in the U.S. and has been granted orphan drug
for the treatment of acute attacks of HAE, a genetic disorder in
patient is deficient in or lacks a functional plasma protein C1
resulting in unpredictable and debilitating episodes of intense swelling
extremities, face, trunk, genitals, abdomen and upper airway. The
severity of HAE attacks vary and are most serious when they involve
edema, which can close the upper airway and cause death by
According to the U.S. Hereditary Angioedema Association,
estimates for HAE range from one in 10,000 to one in 50,000 individuals.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of
medical needs. RUCONEST® is a recombinant human C1 inhibitor
approved for the
treatment of angioedema attacks in patients with HAE in all 27 EU countries
Norway, Iceland and Liechtenstein, and is distributed in the EU by
Orphan Biovitrum (OMX: SOBI). RUCONEST® is partnered with
(NASDAQ: SNTS) in North America where the drug is undergoing Phase III
development. The product is also being evaluated for follow-on
the areas of transplantation and reperfusion injury. The advanced
of the Company include innovative and validated platforms for the
protein therapeutics, technology and processes for the purification
formulation of these products. A feasibility study, using the
transgenic rabbit platform, aimed at the development of recombinant Factor
for the treatment of Haemophilia A is underway with partner, Renova Life,
Additional information is available on the Pharming website,
To download the Pharming Group Investor Relations App, click here.
This press release contains forward looking statements that involve
unknown risks, uncertainties and other factors, which may cause the
results, performance or achievements of the Company to be materially
from the results, performance or achievements expressed or implied by
forward looking statements.
Press release (PDF):
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Source: Pharming Group N.V. via Thomson Reuters ONE