LEIDEN, Netherlands,
March 13,
2023 /PRNewswire/ -- Pharming Group N.V.
("Pharming" or "the Company") (Euronext Amsterdam: PHARM) (NASDAQ:
PHAR) is aware that the US Department of the Treasury, the Board of
Governors of the Federal Reserve System and the Federal Deposit
Insurance Corporation ("FDIC") issued a joint statement on
March 12, 2023 stating that actions
have been approved enabling the FDIC to complete its resolution of
Silicon Valley Bank ("SVB US") in a manner that fully protects all
depositors. The statement further noted that depositors will have
access to all of their money starting today.
As a result of these actions, Pharming expects to have access to
the US$26 million it has on deposit
at SVB US, and to not bear any losses on these deposits.
Pharming continues to actively monitor the situation, including
with respect to its US$19 million in
deposits at Silicon Valley Bank UK Limited.
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 Silicon Valley Bank UK
Limited. 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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