Date: 2014-04-22
Type of information: Private placement
Company: Pharming (The Netherlands)
Investors: existing institutional investors
Amount: €14.7 million
Funding type: private placement
Planned used: The placement will be used to accelerate in building the Ruconest® franchise and Pharming\'s technology platform, including options to participate in the commercialisation of Ruconest® in selected countries. Ruconest® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of angioedema attacks in patients with HAE in all 27 EU countries plus Norway, Iceland and Liechtenstein, and is distributed in the EU by Swedish Orphan Biovitrum. The drug is also partnered with Salix Pharmaceuticals in North America and a Biologics License Application (BLA) is under review by the FDA. The product is also being evaluated for various follow-on indications. Pharming has also a GMP compliant, validated platform for the production of recombinant human proteins that has proven capable of producing industrial volumes of high quality recombinant human protein in a more economical way compared to current cell based technologies. In July 2013, the Platform was partnered with Shanghai Institute for Pharmaceutical Industry (SIPI), a Sinopharm Company, for joint global development of new products. Pre- clinical development and manufacturing will take place at SIPI and are funded by SIPI. Pharming and SIPI initially plan to utilise this platform for the development of rhFVIII for the treatment of Haemophilia A.
Others: * On April 22, 2014, Pharming Group has announced that it has entered into a “sub 10%” private equity placement of €14.7 million (€14.04 million net proceeds after subtraction of transaction fees) with existing institutional investors. The placement is priced at €0.49 per share, which is the average closing price of the shares over the last five trading days. A total of 30,000,000 shares, representing 8% of the outstanding share capital, will be issued to the investors. In addition the investors will receive 21,000,000 warrants with a strike price of €0.57. The exercise period of the warrants is two years. After completion of this transaction the number of outstanding shares will increase from 374,603,750 to 403,603,750. Roth Capital Partners acted as the lead placement agent to Pharming in this transaction.
Therapeutic area: Rare diseases - Genetic diseases
