Leiden, The Netherlands, September 17, 2001 - Pharming Group N.V. (Euronext-AEX: PHAR / NASDAQ Europe: PHAR; “Pharming") today announced that the court in The Hague has declared bankrupt Pharming Intellectual Property B.V., a fully owned subsidiary of Pharming Group N.V.. Mr. E.N. Muller, the current legal moratorium trustee of Pharming was appointed as administrator .
This bankruptcy was necessary to protect the value of intellectual properties residing in this company. Pharming Group and its other subsidiaries remain in legal moratorium and continue to work on a restructuring plan, in which the intellectual properties of Pharming (residing in Pharming Intellectual Property B.V.) will be included.
On September 10, 2001, Pharming announced that it is in active negotiations with several parties regarding a sale of the company. On August 10, 2001 Pharming filed for a legal moratorium following a failure to complete a financial transaction. Since then, it has succeeded in securing limited funds to secure its short-term future. This was achieved by receiving certain payments due from its corporate partners and by the sale of certain financial assets.
Pharming focuses on the development, production and commercialization of human therapeutic proteins to be used in highly innovative therapies. The company’s product portfolio is aimed at treatments for genetic disorders, blood-related disorders, infectious and inflammatory diseases, tissue and bone damage, and surgical and traumatic bleeding. Pharming’s proprietary technologies include the production of biopharmaceuticals in the milk of transgenic animals, as well as the purification of biopharmaceuticals from milk, formulation and application of these biopharmaceuticals. Pharming has operations in Belgium, Finland, the Netherlands and the USA.
Pharming Group NV
Rein Strijker, tel. +31 71 524 7406
E.N. Muller, Trustee, tel. +31 71 407 6246 (law offices of Geelkerken & Linskens)