Date: 2013-10-09
Type of information: Private placement
Company: Pharming (The Netherlands)
Investors:
Amount:
Funding type: private placement
Planned used: €12.0 million
Others: * On October 9, 2013, Pharming Group has announced that it has entered into a private equity placement of €12.0 million (€11.5 million net proceeds after subtraction of transaction fees) with existing and new institutional investors. Participating institutional investors include current shareholders Deerfield Management Company, Kingdon Capital Management and Broadfin Capital.
The placement is priced at €0.117 per share, which represents a 10% discount to last night’s closing price of €0.13 per share. A total of 102,564,103 shares will be issued to the investors. In addition the investors will receive 25,641,026 Warrants with a strike price of €0.135. The exercise period of the warrants is five years.
The proceeds of the placement will be used to continue to fund the manufacturing of new Ruconest® inventory in preparation for a US launch and roll-out and the planned US clinical trial for prophylaxis of hereditary angioedema together with Pharming US partner Santarus. After completion of this transaction the number of outstanding shares will increased from 229,870,216 to 332,434,319. The new shares will be admitted to listing and trading on Euronext Amsterdam pursuant to a listing prospectus which is expected to be published next week upon AFM approval on the Company’s website and on the AFM website.Roth Capital Partners acted as the lead placement agent to Pharming in this transaction.
Therapeutic area: Rare diseases
