Pharming raises $99M

Netherlands-based Pharming has raised $99 million (€70 million) through the issue of convertible bonds. The issue was managed by UBS Investment Bank. The company is also finalizing discussions for restructuring its financing agreement with Paul Capital Healthcare which Pharming entered into in February 2006. Pharming will repay Paul Capital EUR $13 million (€9 million) by the end of this year, with an additional $15 million (€11 million) to be paid in the first quarter of 2008.

Pharming is on the verge of a major European approval for Rhucin, a transgenic therapy made from rabbit's milk that's designed to treat hereditary angioedema. An announcement is expected sometime in this quarter.

- see this release

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