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The new shares represent an increase in the number of issued shares of 1.02%.  As a result of this exercise, including shares needed to be sold to meet both the mandatory immediate withholding of Dutch income tax on exercise and funds for the exercise price of all options exercised, the members of management involved increased their holdings of shares by 26% from 5,945,458 to 7,475,126.
 

“The Board of Management is absolutely committed to the success of Pharming, and as can be seen, we are very happy to convert our holdings of options into holdings of Pharming shares at this time.”

- Dr Sijmen de Vries, Pharming's CEO
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