June 17, 2009 / 6:42 AM / 10 years ago

UPDATE 1-Pharming cuts 9 mln euros in debt, issues shares

* Converts 9 mln euros of bonds into shares

* Issues 700,000 in shares to YA Global

(Adds details, background)

AMSTERDAM, June 17 (Reuters) - Dutch biotechnology firm Pharming (PHAR.AS) said on Wednesday it had further reduced its debt by converting 9 million euros ($12.5 million) of bonds into shares, while also raising 700,000 euros via a share issue.

The convertible bond deal is the third deal the company has announced since December, as it boosts its funding ahead of filings for regulatory approval with the European Medicines Agency (EMEA) in September for its lead product Rhucin.

Pharming said the convertible bond agreement was reached with several bondholders and reduces its convertible debt to 35.8 million euros.

It added that it issued about 1 million ordinary shares for 700,000 euros to Yorkville Advisors Global Master as part of an earlier announced deal giving Pharming the right to request YA Global buy up to 20 million euros in shares over a 36 month period.

The company has previously issued 500,000 euros in shares to YA Global.

Pharming, which had a cash position at the end of the first quarter of 16 million euros, has said attracting new financing remains a priority. It had previously announced debt restructuring measures totalling about 25 million euros.

The EMEA has twice rejected Pharming’s application to market Rhucin, which treats hereditary angioedema, characterised by acute attacks of painful swelling of the skin, intestine, mouth and throat. ($1=.7200 Euro) (Reporting by Aaron Gray-Block, editing by Will Waterman)

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