Printer Friendly

Pharming redeems part of EUR4.8m convertible bond.

M2 EQUITYBITES-January 6, 2012-Pharming redeems part of EUR4.8m convertible bond(C)2012 M2 COMMUNICATIONS http://www.m2.com

Biotech company Pharming Group NV Euronext: PHARM) today announced that it has redeemed part of its EUR8.4m convertible bond.

A total of 38.9 million shares were issued to the bondholders under the terms and conditions of the bond, serving as a pre-instalment for the 6 February 2012 redemption and interest payment, with the balance to be held for subsequent redemptions, if elected to be paid in shares.

It is expected that the shares will be admitted to listing and trading on Euronext Amsterdam on 9 January 2012.

Pharming will redeem the bond on a month by month basis such that the bond will be redeemed in full on 15 July 2012. Pharming can decide at its discretion to redeem the bond and pay the interest due, by means of monthly equity tranches or cash payments. This is subject to the approval of the proposed increase of the company's authorised share capital during the extraordinary general meeting to be held on 3 February 2012,

The company said that the new funds from this transaction strengthen its balance sheet and enable it to extend its cash runway beyond the anticipated read out of Study 1310. The successful read out of this trial is associated with a USD10m milestone from Pharming's US partner Santarus Inc, with an additional USD5m due upon acceptance of the Biologic License Application (BLA) by the FDA. Subject to these milestones, the company will be financed into 2013.

As of today, the number of outstanding shares of the company has reportedly increased to 528,995,524.

((Comments on this story may be sent to info@m2.com)).END.PUB430>PDJanuary 6, 2012>JNM2 EQUITYBITES.PRICEDATENOT APPLICABLE.DAY

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Jan 6, 2012
Words:299
Previous Article:United American Petroleum Corp purchases working interest in McKenzie lease in Pecos County, Texas.
Next Article:Essilor announces five acquisitions in Africa and Latin America.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters