Pharming Group announces that it expects to have full access today to its cash on deposit at Silicon Valley Bank in light of US Government announcement
Leiden, The Netherlands, March 13, 2023
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.