LEIDEN, Netherlands,
March 12, 2023 /PRNewswire/ --
Pharming Group N.V. ("Pharming" or "the Company")( Euronext
Amsterdam: PHARM) (Nasdaq: PHAR) is aware that the Federal Deposit
Insurance Corporation ("FDIC") has been appointed receiver of
Silicon Valley Bank ("SVB US") and that the Bank of England, barring any intervening events,
intends to put Silicon Valley Bank UK Limited ("SVB UK") into
insolvency.
Pharming has total cash and cash equivalents, together with
restricted cash, of approximately US$209
million as of December 31,
2022. Pharming holds US$26
million in SVB US and US$19
million in SVB UK. Pharming's deposits with SVB US are
largely uninsured and its deposits with SVB UK largely exceed the
applicable protected limit.
Given Pharming's strong balance sheet and cashflows from its
operations, the Company is confident that the closure of SVB US and
insolvency of SVB UK will not materially impact Pharming's
operating plans or convertible debt service obligations and other
material cash requirements for the next twelve months and
beyond.
As necessary, Pharming will actively work to recover its cash
deposited with SVB US and SVB UK. However, at this time, Pharming
does not know to what extent and the timing with which such
recovery will be possible. Pharming continues to actively monitor
the situation.
About Pharming Group N.V.
Pharming Group N.V. (EURONEXT Amsterdam: PHARM/Nasdaq: PHAR) is
a global biopharmaceutical company dedicated to transforming the
lives of patients with rare, debilitating, and life-threatening
diseases. Pharming is commercializing and developing an innovative
portfolio of protein replacement therapies and precision medicines,
including small molecules, biologics, and gene therapies that are
in early to late-stage development. Pharming is headquartered in
Leiden, Netherlands, and has
employees around the globe who serve patients in over 30 markets in
North America, Europe, the Middle
East, Africa, and
Asia-Pacific.
For more information, visit www.pharming.com and find us on
LinkedIn.
Forward-looking Statements
This press release may contain forward-looking statements.
Forward-looking statements are statements of future expectations
that are based on management's current expectations and assumptions
and involve known and unknown risks and uncertainties that could
cause actual results, performance, or events to differ materially
from those expressed or implied in these statements. These
forward-looking statements are identified by their use of terms and
phrases such as "aim", "ambition", ''anticipate'', ''believe'',
''could'', ''estimate'', ''expect'', ''goals'', ''intend'',
''may'', "milestones", ''objectives'', ''outlook'', ''plan'',
''probably'', ''project'', ''risks'', "schedule", ''seek'',
''should'', ''target'', ''will'' and similar terms and phrases.
Examples of forward-looking statements may include statements with
respect to timing and progress of Pharming's preclinical studies
and clinical trials of its product candidates, Pharming's clinical
and commercial prospects, Pharming's expectations regarding its
projected working capital requirements and cash resources, which
statements are subject to a number of risks, uncertainties and
assumptions, including, but not limited to the scope, progress and
expansion of Pharming's clinical trials and ramifications for the
cost thereof; and clinical, scientific, regulatory and technical
developments and statements regarding the various proceedings in
the US and UK, including how, if at all, Pharming may be able to
recover cash deposited with SVB US and SVB UK. In light of these
risks and uncertainties, and other risks and uncertainties that are
described in Pharming's 2021 Annual Report and the Annual Report on
Form 20-F for the year ended December 31,
2021, filed with the U.S. Securities and Exchange
Commission, the events and circumstances discussed in such
forward-looking statements may not occur, and Pharming's actual
results could differ materially and adversely from those
anticipated or implied thereby. All forward-looking statements
contained in this press release are expressly qualified in their
entirety by the cautionary statements contained or referred to in
this section. Readers should not place undue reliance on
forward-looking statements. Any forward-looking statements speak
only as of the date of this press release and are based on
information available to Pharming as of the date of this release.
Pharming does not undertake any obligation to publicly update or
revise any.
Inside Information
This press release relates to the disclosure of information that
qualifies, or may have qualified, as inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
For further public information, contact:
Pharming Group, Leiden, The
Netherlands
Michael Levitan, VP Investor Relations & Corporate
Communications
T: +1 (908) 705 1696
Heather Robertson, Investor
Relations & Corporate Communications Manager
E: investor@pharming.com
FTI Consulting, London,
UK
Victoria Foster
Mitchell/Alex Shaw/Amy
Byrne T: +44 203 727 1000
LifeSpring Life Sciences Communication, Amsterdam, The Netherlands
Leon
Melens T: +31 6 53 81 64 27 E: pharming@lifespring.nl
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