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Pharming announces Euro 9 million debt reduction and continued equity financing with Ya Global

17 Jun 2009 - Pharming Group NV announced a further reduction of its outstanding amount of convertible debt and the further strengthening of its cash position under the agreement with YA Global Master SPV LTD.
 
Pharming entered into agreements with several bondholders to cancel € 9 million convertible bonds in exchange for issuance of 8 million ordinary shares. After completion of these transactions, the total outstanding amount of convertible debts is now reduced to € 35.8 million. In addition, Pharming issued about 1 million ordinary shares for a cash consideration of € 0.7 million under the Standby Equity Distribution Agreement with YA Global.
 
As a result of the above transactions, Pharming's total number of outstanding ordinary shares increased to approximately 109.5 million shares per today.