Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) today announces that it has extended its EUR 20 million Standby Equity Distribution Agreement (SEDA) with Yorkville Advisors Global Master SPV LTD ("YA Global") as announced on April 15, 2009, by an additional EUR 10 million to EUR 30 million in total.
With the extension, the Company currently has EUR 23.4 million available from YA Global under the SEDA financing instrument. Conditions of the amended agreement are similar to the existing SEDA announced in April of this year. Pharming will pay a one-off commitment fee of EUR 200,000 in shares for EUR 0.50 per share to YA Global.
"We are very pleased with this EUR 10 million extension of the SEDA with YA Global. It gives us the opportunity to raise additional cash when needed while minimalising dilution. In addition to the debt reduction commitments announced last week, the SEDA extension allows us to strengthen our financial position and has shown over the previous months to be a significant financial instrument to reduce our net cash burn ," said Dr. Sijmen de Vries, Chief Executive Officer of Pharming.