GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Pharming Names New CEO

http://biz.yahoo.com/iw/080926/0437748.html

›Dr Pinto to retire after completion of transition period

Friday September 26, 2:09 am ET

LEIDEN, NETHERLANDS--(MARKET WIRE)--Sep 26, 2008 --Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) announced today that the Board of Supervisory Directors (BOSD) has nominated Dr Sijmen de Vries, currently CEO of 4-Antibody in Basel, Switzerland, for appointment as Chief Executive Officer of Pharming to succeed Dr Francis J. Pinto. After serving with the Company for almost seven years, Dr Pinto will retire from his current position as CEO. He has agreed to remain associated with Pharming and temporarily fulfill a non-executive position to ensure an orderly and smooth transition.

Sijmen de Vries, MD, MBA, is a 48-year old Dutch national, with extensive senior level experience in both the pharmaceutical and biotechnology industries. Prior to 4-Antibody, Dr de Vries was the CEO of Morphochem. Earlier in his career, he held numerous senior business and commercial positions at Novartis as well as at SmithKline Beecham Pharmaceuticals. Dr de Vries also holds non-executive directorships in two private life science companies.

To ensure a smooth transition, Dr Francis Pinto has agreed to act as Non-Executive Chairman of the Management Board until the next Annual General Meeting of Shareholders (AGM) of the Company in 2009. The transition plan will include four task forces for the period leading up to the next AGM.

* The Rhucin® task force will be led by Dr Giannetti, focusing on the upcoming Rhucin® filings;

* The DNage task force will be focusing on the development and partnering of the DNage ageing products and will be led by Dr Strijker;

* The task force addressing "Financing and Shareholder Value" will be led by Dr Pinto; and

* The task force developing the Pharming organisation and 2009 plans and budgets will be led by Dr de Vries.

Mr Jaap Blaak, Chairman of Pharming's Board of Supervisory Directors said: "Pharming is very grateful to Francis Pinto who became CEO of the Company in the most difficult period of its existence. Not only was he willing to accept the executive position initially without a cash component in his salary, but also invested a significant amount of his private money in the Company and was able to convince other investors as well to help re-build Pharming. Under his leadership, Pharming was able to make a remarkable turn-around and is close to having its first products on the market. We are delighted that he has agreed to delay his retirement even somewhat further and remain associated with the Company for the time being heading a task-force that will address future financing of Pharming.

At the same time, I am convinced that Sijmen de Vries, through his successful international experience, his medical background and proven commercial track record, will be a valuable addition to the management of Pharming bringing both his big-pharma and small-biotech experience to the Company. We are very fortunate that he has agreed to be nominated for appointment as CEO by our Shareholders."

Dr. de Vries will be proposed for appointment in an Extraordinary General Meeting of Shareholders to be held on October 13, 2008. Details of that meeting and all related documents can be found at the Pharming website.‹