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Pharming Group NV awarded EUR10m working capital facility.

M2 EQUITYBITES-August 1, 2012-Pharming Group NV awarded EUR10m working capital facility(C)2012 M2 COMMUNICATIONS

Biotech company Pharming Group NV (NYSE Euronext:PHARM) reported on Wednesday that it has secured up to EUR10m in equity working capital facility with Kingsbrook Opportunities Master Fund LP (lead investor) and other institutional investors for a two year term.

Pharming will have the option to draw down from the working capital facility in tranches in exchange for its ordinary shares plus retain control of the timing and amount of any funds draw down.

This agreement grants the investors with the option to purchase up to 600% of the draw down amount plus warrants to purchase up to an aggregate of 16,500,000 ordinary shares of Pharming Group NV.

Upon exceeding EUR2.5m and for every subsequent EUR2.5m drawn, the investors will receive additional warrants to purchase up to 16,500,000 ordinary shares. The warrants have an exercise period of five years.

According to Pharming Group NV, the working capital facility will be used for the anticipated read out of Study 1310 for Ruconest in the US, the associated USD10m milestone payment and a further USD5m upon acceptance of the BLA by the FDA from its US partner, Santarus Inc.

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Publication:M2 EquityBites (EQB)
Date:Aug 1, 2012
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