Pharming secures 20M-euro long-term standby financing

Netherlands-based biotechnology company Pharming Group NV has entered into a standby equity distribution agreement with Yorkville Advisors  Global Master SPV. At the sole and exclusive discretion of Pharming,  this agreement provides the Dutch firm with the option to take up YA  Globals commitment to subscribe and pay for newly-issued Pharming shares  up to a total of 20.0 million euros ($26.6 million) at any time during  the 36-month agreement.

Pharming is entitled to request YA Global to subscribe to and purchase  newly-issued shares in regular tranches of up to 400,000 euros per  tranche. The latter can either place these shares in the market or  accumulate them up to a maximum holding in Pharming of 4.99% of the  number of outstanding shares, but is committed not to short sell or  enter into any hedging transactions related to this stock.

The proceeds to Pharming from future newly-issued shares will equal 95%  of the market price. The company will transfer a one-time commitment of  400,000 euros paid in shares for 0.50 euros per share to YA Global and  legal and structuring fees of 45,000 euros in total.