Pharming Shareholders Approve Items On EGM Agenda
Company to focus on transition to commercial phase
Leiden, The Netherlands, March 30, 2010. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) announced today the increase of its authorized share capital to 400 million shares, adjusting the nominal value of the shares to €0.04 and the strengthening of its Board of Management with the appointment of Dr Rienk Pijpstra as Chief Medical Officer (CMO). These decisions were taken by the Shareholders at an Extraordinary Meeting (EGM) held today.
Pharming’s authorized share capital prior to today’s EGM was 200 million shares with 154.5 million shares outstanding. The majority of the remaining 45.5 million shares was reserved to be able to convert the outstanding convertible debt facilities of in total €18.4 million to equity, if and when neces sary. Accordingly, the Shareholders today approved a proposal to increase the authorized number of shares from 200 million to 400 million. In addition, Pharming received approval to adjust the nominal value of the shares from €0.50 to €0.04.
In anticipation of the commercialization of Rhucin and the continued clinical development of recombinant human C1 inhibitor in the follow-on indications such as Antibody Mediated Rejection of and Delayed Graft Function in kidney transplant, Pharming intends to strengthen its Board of Management with additional senior management (pharmaceutical) industry experience in clinical and financial positions during the course of 2010. As a first step, the Shareholders have approved the proposal of the Board of Supervisory Directors to appoint Dr. Rienk Pijpstra as Chief Medical Officer effectively April 1, 2010. Dr. Pijpstra will be responsible for the clinical development of Pharming’s products as well as drug safety, medical information and regulatory affairs. As a result, the composition of the Board of Management will be as follows:
• Dr. Sijmen de Vries, Chief Executive Officer
• Dr. Bruno Giannetti, Chief Operations Officer
• Dr. Rein Strijker, Chief Commercial Officer
• Dr. Rienk Pijpstra, Chief Medical Officer (as per April 1, 2010)
Dr. Sijmen de Vries, Chief Executive Officer of Pharming: “We would like to welcome Rienk on Pharming’s Board of Management. We are looking forward working together on the commercialization of Rhucin and further development for other indications. 2010 will be a transformational year for Pharming in which we will make the switch from R&D oriented company to a company with its first product on the market.”
Mr Jaap Blaak, Chairman of Pharming’s Board of Supervisory Directors, said: “We are very pleased that the Shareholders have agreed to the proposed changes in regard to Phar ming’s share capital. Securing the company’s future and long-term value for shareholders is our first priority. Achieving financial stability is vital in order for Pharming to reach its corporate goals. The decisions taken today provide a solid basis for the conditions to raise capital and strengthen Pharming’s financial position, which the Board of Supervisory Directors considers priority for the Company.”
At the EGM, the majority of the Shareholders also voted in favour of the proposed option arrangement for the CMO of Pharming and the amendment of the Articles of Association of the Company. The revised Articles of Association can be found on Pharming’s website.