LEIDEN, The Netherlands, Nov 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext: PHARM) announced today that it has placed 3 million new shares with professional long term investors to accelerate development of its product portfolio.
The gross proceeds from this placement of EUR 6 million will largely be used for Pharming's portfolio products, including recombinant human lactoferrin and fibrinogen. The issuance of new shares represents approximately 4% of the total outstanding shares after the transaction. The new shares were placed through Amsterdams Effectenkantoor B.V.
"The expansion of our working capital is important for the Company to invest in accelerating the development of our product portfolio, without impacting resources for our lead product recombinant human C1 inhibitor," said Dr. Francis Pinto, CEO of Pharming. "To fully capitalize on the promising developments with our portfolio, we will consider additional investments in these product programs in 2005."
Pharming recently announced significant developments for recombinant human lactoferrin and fibrinogen. The Company has successfully completed a key study needed for the regulatory filing for Generally Regarded as Safe (GRAS) status for nutritional use of recombinant human lactoferrin. Pharming also reported on positive results in animal studies for recombinant human fibrinogen and evaluation of the product by the US Army.
Background on Pharming Group N.V.
Pharming Group N.V. is developing innovative protein therapeutics for unmet medical needs. The Company's products include potential treatments for genetic disorders and specialty products for surgical indications. Pharming's lead product for hereditary angioedema is in Phase III of clinical development. The advanced technologies of the Company include novel platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. 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.