Pharming seeks €7.5 million; Genesis Fluid seals offering; Oragenics closes private stock sale

By Stephanie N. Rotondo

Portland, Ore., Jan. 5 - As was the case Monday, Tuesday saw several deals getting done in the PIPEs market, but not all that many new deals entering the marketplace.

Pharming Group NV announced it had negotiated a €7.5 million private placement of convertible debt instruments. The funds will be used to advance one of the biopharmaceutical company's drug candidates.

Meanwhile, Genesis Fluid Solutions Holdings Inc. said it completed a $2.57 million private placement of common stock. The company intends to use proceeds, in part, to repay outstanding debt.

Oragenics Inc. also settled a private stock sale, taking in $2.5 million. As part of the placement, the company also retired just over $50,000 in debt.

And, Options Media Group Holdings Inc. announced it had raised $2.4 million via a private placement of convertible preferred shares.

Pharming seeks €7.5 million

Pharming Group, a Leiden, The Netherlands-based biotechnology company, arranged a €7.5 million private financing of convertible debentures, according to a press release.

The 9% notes are convertible into common shares at €0.50 and are subordinate to the company's existing €10.9 million convertible bond.

Additionally, investors will receive 15 million warrants, exercisable at €0.50 until Dec. 31, 2012.

"This financing provides a good basis for Pharming to work with the EMEA and FDA to bring Rhucin forward through the regulatory review process and also allows the company to complete commercialisation partnerships for Rhucin," said Sijmen de Vries, chief executive officer, in the statement.

Pharming's equity (Pink Sheets: PHGUF) remained unchanged Tuesday, closing at $0.7293.

Genesis settles equity placement

Genesis Fluid Solutions Holdings wrapped a $2.57 million private placement of equity, the company said in a regulatory filing.

The deal settled Dec. 29.

The Colorado Springs-based company issued approximately 2.68 million common shares, as well as warrants for an additional 1.34 million shares. The warrants are exercisable at $2.00.

Proceeds will be used to purchase new equipment, as well as for debt repayment and general working capital.

Genesis Fluid's stock (OTCBB: GSFL) dropped 6.67%, or 35 cents, to close at $4.90 Tuesday. Market capitalization is $4.9 million.

Genesis Fluid is a developer of dewatering technology.

Oragenics closes stock sale

Oragenics took in $2.5 million from a private placement of stock, the Alachu, Fla.-based company announced.

The proceeds came in the form of $2.45 million in cash and the remaining portion from the cancellation of outstanding debt.

All told, the company sold approximately 10.01 million common shares at $0.25 per share. The Koski Family LP purchased about $1.25 million of the shares.

Proceeds from the financing will be used for development of Oragenics DPOLT synthetic chemistry platform.

"We are extremely pleased to have consummated the private placement financing by the end of 2009," stated David B. Hirsch, president and CEO, in a press release. "With the additional capital coupled with the conversion of the secured note and the exercise in full of the previously issued warrant and options our balance sheet going into 2010 was substantially improved."

Oragenics' shares (Amex: ONI) remained steady at $0.35 Tuesday.

Options Media sells preferreds

Options Media Group Holdings settled a private placement of series B convertible preferred stock, raising about $2.4 million.

The deal originally priced at $2.01 million on Dec. 16. The transaction closed Dec. 31.

The preferred shares are convertible into common stock at $0.035 per share for two years.

Calls seeking comment went unreturned Tuesday.

Options Media's equity (OTCBB: OPMG) fell 7.69%, or 1 cent, closing at $0.06. Market capitalization is $3.96 million.

The company is based in Boca Raton, Fla.

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