Pharming secures E20 million standby equity agreement with YA Global

Pharming is entitled to request Yorkville Advisors Global Master (YA Global) to subscribe to and purchase newly issued shares in regular tranches of up to E400,000 per tranche. YA Global can either place these shares in the market or accumulate them up to a maximum holding in Pharming of 4.99% of the number of outstanding shares. YA Global is committed not to short sell or enter into any hedging transactions related to Pharming stock.

The proceeds to Pharming from future newly issued shares will equal 95% of the market price. Pharming will transfer a one-time commitment of E400,000 paid in shares for E0.50 per share to YA Global and legal and structuring fees of E45,000 in total.

Sijmen de Vries, CEO of Pharming, said: “We are very pleased to have arranged this standby agreement. It provides us with the flexibility to raise finance through equity at our discretion, while minimizing dilution for our current shareholders. This agreement is an important step towards securing sufficient financing to reach commercialization stage with our lead product Rhucin.”

Michael Nowak, head of the healthcare group at Yorkville, said: “Yorkville provides flexible and innovative financing tools for public companies to expand and grow their businesses. We are particularly excited to invest in Pharming, an important player in the space of transgenic protein production and development, and our first transaction in a Euronext Amsterdam-listed healthcare company.”