Pharming's Supervisory Board nominates CFO

Shareholders' Meeting to approve CFO and increase share capital

19-Aug-2010 - Netherlands

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Pharming Group NV announced that the Board of Supervisory Directors (BOSD) has nominated Dr Karl Keegan for appointment as Chief Financial Officer (CFO) and member of the Board of Management of Pharming. The Company will hold an Extraordinary General Meeting of Shareholders (EGM) on October 1, 2010 to request approval from its shareholders to appoint Dr Keegan as Board member. Pharming will also request approval for a limited increase of its share capital.

Dr Keegan, 43, is an Irish national who has worked in the healthcare industry for over 15 years, most recently as the CFO of Minster Pharmaceuticals, a drug development company acquired by Proximagen Neuroscience in February 2010. Prior to Minster, Dr Keegan worked at Canaccord Adams as Managing Director, UK Head of Equity Research and Global Head of Life Sciences Research and as a biotechnology analyst at several investment banks including Banc of America, UBS and Dresdner Kleinwort Benson. Prior to his financial career, he worked within the pharmaceutical industry at SmithKline Beecham Pharmaceuticals. Dr Keegan holds a PhD in Pharmacology from the University of Cambridge and a Masters in Finance from the London Business School.

Dr. Keegan will join Pharming as of September 1, 2010 and will be proposed as member of the Board of Management at an EGM on October 1, 2010. Details of that meeting and all related documents can be found at the Pharming website as of August 19, 2010. Following approval of the shareholders, the Board of Management will consist of Dr Sijmen de Vries (CEO), Dr Bruno Giannetti (COO), Dr Karl Keegan (CFO) and Dr Rienk Pijpstra (CMO).

Pharming plans to continue the financing of the Company under the Standby Equity Distribution Agreement with YA Global Master SPV LTD and to pay back the last remaining €10.9 million of its Public Bond 2007-2012 per end October 2010. In order to keep sufficient share capital available after such repayments for further strengthening of the financial position of the Company, Pharming seeks a limited increase in its share capital. The Company therefore will request approval to raise the authorized share capital from 400 million to 500 million shares. The current number of outstanding shares is 342,086,711 million.

https://www.bionity.com/en/news/121738/pharming-s-supervisory-board-nominates-cfo.html