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Pharming Group N.V.

Pharming Group N.V.

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Publicatie datum 08 dec 2011 - 23:38
Statutaire naam Pharming Group N.V.
Titel PHARMING REPORTS ON NEGATIVE EQUITY POSITION AS A RESULT OF COMPLIANCE WITH IFRS
Bericht Leiden, The Netherlands, December 9, 2011. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today announced that, as a result of International Financial Reporting Standards (“IFRS”) requirements, the Company has a relatively small negative equity position. The development of a negative equity position does not have any cash implications. As previously guided, Pharming is funded into the second quarter of 2012. On November 17, 2011 the Company reported its (unaudited) financial results for the third quarter of 2011 as prepared in compliance with IFRS. On September 30, 2011 the equity position as reported amounted to €2.2 million, which stems from historical losses incurred and which are common within the biotech industry for companies in similar stages of development. Primarily due to sustaining net losses as attributed to equity after the end of the third quarter 2011, equity has become negative as per the date of this press release. This negative equity does not affect Pharming’s cash position which was €9.8 million on September 30, 2011 and approximately €6.8 million as per the date of this press release. This excludes approximately EUR 1.1 million to be received from SOBI for upcoming Q4 2011 – Q2 2012 supplies. The Company has, as of the end of the third quarter 2011, €17.9 million of deferred license fee income. This deferred license fee income represents the remainder of the €20 million licensing payments that Pharming received in the course of 2010 from its partners Santarus Inc (SNTS) and Swedish Orphan Biovitrum (SOBI). These fees are, in compliance with IFRS, released to the statement of income over the lifetime of the respective agreements, instead of being recognized in full when the license fees were irrevocably paid to Pharming in 2010. Adjusted for these items, the equity position at the end of the third quarter 2011 would have amounted to €20.1 million. However, as a result of the requirements of IFRS such a