LEIDEN, THE NETHERLANDS--(Marketwire - August 18, 2010) - Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) announced today that the Board of Supervisory Directors (BOSD) has nominated Dr Karl Keegan for appointment as Chief Financial Officer (CFO) and member of the Board of Management of Pharming. The Company will hold an Extraordinary General Meeting of Shareholders (EGM) on October 1, 2010 to request approval from its shareholders to appoint Dr Keegan as Board member. Pharming will also request approval for a limited increase of its share capital.
Dr Keegan, 43, is an Irish national who has worked in the healthcare industry for over 15 years, most recently as the CFO of Minster Pharmaceuticals, a drug development company acquired by Proximagen Neuroscience in February 2010. Prior to Minster, Dr Keegan worked at Canaccord Adams as Managing Director, UK Head of Equity Research and Global Head of Life Sciences Research and as a biotechnology analyst at several investment banks including Banc of America, UBS and Dresdner Kleinwort Benson. Prior to his financial career, he worked within the pharmaceutical industry at SmithKline Beecham Pharmaceuticals. Dr Keegan holds a PhD in Pharmacology from the University of Cambridge and a Masters in Finance from the London Business School.
Dr. Keegan will join Pharming as of September 1, 2010 and will be proposed as member of the Board of Management at an EGM on October 1, 2010. Details of that meeting and all related documents can be found at the Pharming website as of August 19, 2010. Following approval of the shareholders, the Board of Management will consist of Dr Sijmen de Vries (CEO), Dr Bruno Giannetti (COO), Dr Karl Keegan (CFO) and Dr Rienk Pijpstra (CMO).
Pharming plans to continue the financing of the Company under the Standby Equity Distribution Agreement with YA Global Master SPV LTD and to pay back the last remaining EUR10.9 million of its Public Bond 2007-2012 per end October 2010. In order to keep sufficient share capital available after such repayments for further strengthening of the financial position of the Company, Pharming seeks a limited increase in its share capital. The Company therefore will request approval to raise the authorized share capital from 400 million to 500 million shares. The current number of outstanding shares is 342,086,711 million.
Mr. Jaap Blaak, Chairman of Pharming’s Board of Supervisory Directors, said: “We are very pleased to have Karl join us as Chief Financial Officer. His experience in the healthcare industry, both financially and strategically, as well as his extensive contact network, will be invaluable to Pharming. We now have what I believe is the ideal skill-set across the Board of Management and I am confident of Pharming’s future as a pharmaceutical company and in its ability to bringing its first product to the European market later this year.”
Dr. Sijmen de Vries, Chief Executive Officer, added: “I believe that the anticipated clearing of the last remaining part of our debt by the end of October and the appointment of Karl as CFO, represent important milestones for Pharming, and their achievement stands us in good stead to strengthen our relationships with current and potential institutional shareholders and to improve the financial position of the Company.”
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic disorders, specialty products for surgical indications, and nutritional products. On June 24, the European Medicines Agency adopted a positive opinion for Ruconest™ (Rhucin) for the treatment of angioedema attacks. Market Authorization in the European Economic Area is therefore expected to be granted in September 2010. The product is also under development for follow-on indications, i.e. antibody-mediated rejection (AMR) and delayed graft function (DGF) following kidney transplantation. 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. Recently, the partial spin-off of DNage was completed. 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.
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Press release (PDF): http://hugin.info/132866/R/1438743/383180.pdf
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Source: Pharming Group N.V. via Thomson Reuters ONE
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