Pharming Group (PHARM): Pharming Redeems Second Tranche Of Conve...

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Thursday, 02/09/2012 3:30:55 AM

Thursday, February 09, 2012 3:30:55 AM

Pharming Redeems Second Tranche Of Convertible Bond

Leiden, The Netherlands, February 9, 2012. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that it has redeemed the second tranche of its €8.4 million convertible bond. A total of 8,351,146 shares were issued to the bondholders under the terms and conditions of the bond, serving as a pre-installment for the March 12, 2012 redemption and interest payment.

As announced in our press release on December 23, 2011, Pharming will redeem the bond on a month by month basis in six equal monthly tranches of €1.4 million and the interest payable, such that the bond will be redeemed in full on July 15, 2012. Pharming can decide at its discretion to redeem the bond and pay the interest due, by means of monthly equity tranches or cash payments.

As of today, the number of outstand ing shares has increased from 528,995,524 to 537,346,670.