Pharming Group (PHGUF.PK) Shareholders Appoint Karl Keegan as CFO

Pharming Group (PHGUF.PK) Shareholders Appoint Karl Keegan as CFO


LEIDEN, NETHERLANDS--(Marketwire - October 01, 2010) -

Increase of authorized share capital

Leiden, The Netherlands, October 1, 2010. Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) announced today the appointment of Dr Karl Keegan as Chief Financial Officer (CFO) effective today and the increase of its authorized share capital to 500 million shares. These decisions were taken by the Shareholders at an Extraordinary Meeting (EGM) held today.

The Shareholders have approved the proposal to appoint Dr Karl Keegan as CFO and member of the Board of Management of Pharming with effect October 1, 2010. Dr Keegan will be responsible for all financial and financing activities, corporate communications and investor relations. In addition,Dr Keegan will work closely together with Dr de Vries in furthering the Company's business development activities. In addition, Pharming requested and received approval from its Shareholders to increase the authorized number of shares from 400 million to 500 million. Prior to today's EGM, Pharming's number of outstanding shares, available for issuance, was confined to a little over 40 million. The possibility to, if necessary, issue additional shares, provides for sufficient share capital to secure Pharming's financial position

Dr Sijmen de Vries, Chief Executive Officer of Pharming: "We would like to welcome Karl to the Board of Management and look forward to working together on the strengthening of our relationships with current and potential shareholders and building financial stability for Pharming."

Mr Jaap Blaak, Chairman of Pharming's Board of Supervisory Directors, said: "With the appointment of Karl as Chief Financial Officer, we consider the Board of Management is now at optimum strength and ready to resolve the last financial challenges. The increased authorized share capital will facilitate the Company achieving financial stability, securing the Company's future and creating long-term value for its Shareholders."

About Pharming Group NV Pharming Group NV is developing innovative products for the treatment of genetic disorders, specialty products for surgical indications, and nutritional products. On June 24, the European Medicines Agency adopted a positive opinion for RuconestTM (Rhucin® in non-EU territories) for the treatment of angioedema attacks. Market Authorization in the European Economic Area is therefore expected imminently with an anticipated market launch in the fourth quarter 2010. The product is also under development for follow-on indications, i.e. antibody-mediated rejection (AMR) and delayed graft function (DGF) following kidney transplantation. The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website,www.pharming.com.

This press release contains forward looking statements that involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the results, performance or achievements expressed or implied by these forward looking statements.

 

[HUG#1448383]

 

 

Press release (PDF): http://hugin.info/132866/R/1448383/390669.pdf

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