Pharming to hold Extraordinary Shareholders' Meeting
(Thomson Reuters ONE) -
Leiden, The Netherlands, March 15, 2010. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) announced today that it
will hold an Extraordinary General Meeting of Shareholders (EGM) on 30 March
2010. At the EGM, the Company will request approval from shareholders on
administrative items pertaining to its share capital as well as changes in
composition to the Board of Management.
On the share capital, the current number of outstanding shares is 154.5 million
and current authorized share capital is 200 million. The majority of the
remaining 45.5 million shares is reserved to be able to convert the outstanding
convertible debt facilities of in total ?18.4 million to equity, if and when
necessary. As the available authorized share capital is limited, Pharming
requires new shares in share capital to raise additional funds for the Company
if and when needed. The Company will request approval to raise the authorized
share capital with 200 million shares to 400 million shares and to lower the
nominal value of the shares from ?0.50 to ?0.04. The approval of these items
would provide Pharming with more flexibility in view of anticipated regulatory
and commercial events in both the European Union and North America.
As 2010 will be a transformational year for Pharming, the Company intends to
step-wise strengthenits Board of Management, with additional senior
(pharmaceutical) industry experience in clinical and financial positions in the
course of 2010. Dr. Rein Strijker will be focusing on the further development of
Pharming's business unit DNage. He will be exploring possibilities to finance
DNage to conserve cash resources for the transgenic business, for instance by
attracting new investors for DNage. The Company has assigned an international
executive search agency to recruit a fully dedicated Chief Financial Officer. In
addition, Pharming's Board of Supervisory Directors proposes the appointment of
Dr. Rienk Pijpstra as Chief Medical Officer at this EGM. Dr. Pijpstra will be
responsible for the clinical development of Pharming's products as well as drug
safety, medical information and regulatory affairs. Before joining Pharming in
June 2009 as Head of Development and Medical Director, Dr. Pijpstra held senior
clinical development positions at Eli Lilly, SmithKline Beecham, Glaxo
SmithKline and most recently was Chief Development Officer at Basilea
Pharmaceuticals. Dr Pijpstra received his MD and MBA from Leuven University.
The EGM will take place at Pharming's headquarters in Leiden, the Netherlands,
on 30 March 2010 at 14:00 hrs CET.Pharming has published a notice in the
Financieele Dagblad and the Euronext Daily Official List (Officiële
Prijscourant) of 15 March 2010. Further details of the meeting and all related
documents can be found at the Pharming website as of today.
The Annual General Meeting of Shareholders (AGM), originally scheduled for 21
April 2010, will be rescheduled to 27 May 2010.A notice will be published and
further details of the AGM and all related documents will be made available
through the Company website in May.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic
disorders, ageing diseases, specialty products for surgical indications, and
nutritional products. Pharming's lead product Rhucin® for acute attacks of
Hereditary Angioedema has passed clinical development stage and the Market
Authorization Application is under review withthe European Medicines Agency.
Prodarsan® is in early stage clinical development for Cockayne Syndrome and
lactoferrin for use in food products The advanced technologies of the Company
include innovative platforms for the production of protein therapeutics,
technology and processes for the purification and formulation of these products,
as well as technology in the field of DNA repair (via DNage). 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.
Contact:
Ms. Marjolein van Helmond, Pharming Group NV, T: +31 (0)71 52 47 431 or +31 (0)6
109 299 54
[HUG#1393771]
Press release (PDF): http://hugin.info/132866/R/1393771/350852.pdf
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Datum: 15.03.2010 - 03:00 Uhr
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