Leiden, The Netherlands, March 7, 2011. Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that Socius CG II, Ltd, a subsidiary of Socius Capital Group, LLC (“Socius”), based in New York and Los Angeles, exercised all 24,339,623 warrants under the €16.1 million investment agreement entered into with Pharming in December 2010.
Under the terms of the agreement, Socius received 24,339,623 warrants with an exercise price of €0.212 (21.2 cents), which have now been exercised. Payment of the exercise takes place through a cash consideration of €0.04 per share (€973,584.92) and issuance of a Promissory Note for the remaining consideration of €4,186,415.08.
As of December 31, 2010, Pharming had 436,261,010 shares outstanding. The new number of outstanding shares is 461,116,470 comprising the previous balance and including the exercise of the warrants by Socius (24,339,623) and shares (515,837) issued as part consideration of bonus payments to Pharming staff.