Pharming finalizes conversion of 70% of outstanding bonds

LEIDEN, THE NETHERLANDS, Oct 08 (MARKET WIRE) --
Biotech company Pharming Group NV ("Pharming" or the "Company") (NYSE
Euronext: PHARM) today announces that it has completed conversion of 70%
of its outstanding convertible bonds. As a result, the total amount of
outstanding convertible debt has now been reduced from EUR 35.8 million to
EUR 10.9 million.

Following the offer on September 21, 2009 to its bondholders to convert
their bonds into a combination of cash and shares, Pharming received
commitments to convert 70% of the outstanding nominal amount of the
bonds, which was announced on September 29, 2009. In respect of these
commitments, valid applications for conversion have now been received.
These applications exceed the minimum participation of 60% which was set
as a condition precedent to the offer. Consequently, the transaction has
now been executed and the total amount of outstanding debt from the
convertible bonds reduced from EUR 35.8 million to EUR 10.9 million. This
transaction amounts to 29.38 million newly issued shares and EUR 3.74
million cash paid. The cash for this transaction has been obtained from
private placements with existing shareholders. With the execution of the
transaction, the 3.87 million shares that were to be issued to these
shareholders, conditional on the offer's success, will now be issued. As
a result of the above transactions, Pharming's total number of
outstanding ordinary shares will increase to 154.5 million shares.

"We initially aimed at removing 60% of our outstanding convertible debt
from our balance sheet. We are very pleased that we now have exceeded our
goal and removed 70% of this debt. With the cash for this transaction
funded by existing shareholders, we have significantly strengthened our
balance sheet without using a substantial amount of our cash reserved for
our ongoing operations," said Dr. Sijmen de Vries, Chief Executive
Officer. "We continue to work on further improvement of our financial
position. The reduction of our debt represents a pivotal first step to
get a solid foundation from which we can proceed now to unlock the value
of our key assets such as Rhucin."

Bondholders who have not yet returned a conversion application and wish
to participate in the offer, may still do so by completing and submitting
the application by October 13, 2009. Further details are described in the
formal announcement on the Company's website.

This is not an offering
memorandum or a prospectus and should not be treated as offering material
of any sort and is for information purposes only. Not for distribution to
any US person or in or into the United States or to any Italian person or
address in the republic of Italy.

About Pharming Group NV

Pharming Group NV is developing innovative products for the treatment of
genetic disorders, ageing diseases, specialty products for surgical
indications, and nutritional products. Pharming's lead product Rhucin(R)
for acute attacks of Hereditary Angioedema has passed clinical
development stage and the Market Authorization Application is under
review with EMEA. Prodarsan(R) is in early stage clinical development for
Cockayne Syndrome and lactoferrin for use in food products The advanced
technologies of the Company include innovative platforms for the
production of protein therapeutics, technology and processes for the
purification and formulation of these products, as well as technology in
the field of DNA repair (via DNage). Additional information is available
on the Pharming website, http://www.pharming.com.

This press release
contains forward looking statements that involve known and unknown risks,
uncertainties and other factors, which may cause the actual results,
performance or achievements of the Company to be materially different
from the results, performance or achievements expressed or implied by
these forward
looking
statements.

Contact:

Ms. Marjolein van Helmond
Pharming Group NV
T: +31 (0)71 52 47 431
or +31 (0)6 109 299 54

Press Release (PDF): http://hugin.info/132866/R/1346558/323501.pdf

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

Copyright Copyright Hugin AS 2009. All rights reserved.

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