Pharming announces first quarter financial report 2011
(Thomson Reuters ONE) -
Leiden, The Netherlands, May 12, 2011. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today published its
financial report for the three month period ended March 31, 2011.
FINANCIAL HIGHLIGHTS FIRST THREE MONTHS
* Revenues of ?0.6 million for the three month period (Ruconest(TM) first
sales recorded in December 2010)
* Significant reduction in operating cash outflows to ?4.5 million (Q1 2010:
?6.3 million)
* Decrease in operating loss from continuing operations to ?4.3 million (Q1
2010: ?5.0 million)
* Significant decrease in net loss to ?3.6 million (Q1 2010: ?7.7 million)
* Cash at March 31, 2011 of ?15.6 million compared to ?10.5 million at year
end 2010
OPERATIONAL HIGHLIGHTS IN FIRST QUARTER
* Rollout of Ruconest in Europe progressing
* Clarity from the FDA on requirements for the US development of Rhucin®
* Protocol for Phase III study 1310 amended in accordance with FDA
requests and submitted
* Continuing focus on limiting cash burn
* Lease financing of production equipment completed, internal cost saving
exercise ongoing
* Business development process initiated to leverage Pharming's technology
platform
Sijmen de Vries, CEO, commented: "The first three months of 2011 have been an
intense period for Pharming, as we focused on addressing the FDA's refusal to
file letter for Rhucin. Pharming is now implementing the agreed changes in the
Protocol for Study 1310. We are also continuing to seek and evaluate new sources
of value creation and financing for the Company, including additional
partnerships for our C1 inhibitor franchise and potential deals which utilise
our validated proprietary, low cost production platform. We look forward to
updating on further progress throughout the year."
FINANCIAL HIGHLIGHTS
Pharming's revenues from license fees and product sales were ?0.6 million in the
three months to March 31, 2011, compared to nil in the same period of 2010,
resulting in the operating loss from continuing operations decreasing to ?4.3
million (Q1 2010: ?5.0 million). General and administrative costs and research
and development expenses remained broadly constant during the three month
period, compared to the corresponding period in 2010.
In the three months to March 31, 2011, the shareholders of DNage, in which
Pharming had 51% ownership, decided to voluntary liquidate DNage and accordingly
the DNage entity has been deconsolidated. This has resulted in a one-time net
profit of ?0.6 million compared to losses from the DNage operations of ?1.0
million incurred during the corresponding period in 2010. Both results have been
presented as discontinued operations in the statement of income.
In the three months to March 31, 2011, Pharming recorded a net loss of ?3.6
million (Q1 2010: ?7.7 million). The net loss per share was ?0.01 (Q1 2010:
?0.05). At the end of the period, the number of shares outstanding was
461,116,470 compared to 154,501,037 at the end of the corresponding period in
2010 and 436,261,010 shares at December 31, 2010.
In Q1 2011 the Company received an aggregate amount of ?10.0 million from Socius
in relation to a year end 2010 receivable of ?9.0 million plus ?1.0 million
following the exercise of all 24,339,623 warrants. Mainly due to these receipts
and net operating cash outflows of ?4.5 million, the total cash position
increased from ?10.5 million at December 31, 2010 to ?15.6 million at the end of
Q1 2011 (Q1 2011: ?3.3 million).
OPERATIONAL HIGHLIGHTS
The rollout of Ruconest in Europe continues and both we and our partner, SOBI,
remain confident that the launch is on track. Progress on reimbursement has been
made across Europe both at national and regional levels.
We have received clarity from the FDA on the US development requirements for
Rhucin. The issues raised by the FDA have been discussed and we have submitted
the amended protocol for Study 1310 to the FDA.
We continue to focus on limiting our cash burn and to date a number of cost
saving initiatives have been implemented. In Q3 2010 Pharming signed a
manufacturing agreement with Sanofi Chimie to increase the production capacity
of the drug substance of Ruconest. This will improve the cost of goods and
competitiveness of Ruconest. We recently completed the lease financing of
production equipment for this process.
In order to leverage our proprietary technology platform, a business development
process on potential new platform collaborations has been initiated.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of unmet
medical needs. Ruconest(TM) (Rhucin® in non-European territories) is a
recombinant human C1 inhibitor approved for the treatment of angioedema attacks
in patients with HAE in all 27 EU countries plus Norway, Iceland and
Liechtenstein. The product is also under development for follow-on indications,
i.e. antibody-mediated rejection (AMR) and delayed graft function (DGF)
following kidney transplantation. The advanced technologies of the Company
include innovative platforms for the production of protein therapeutics,
technology and processes for the purification and formulation of these products.
Additional information is available on the Pharming website,www.pharming.com.
This press release contains forward looking statements that involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially different
from the results, performance or achievements expressed or implied by these
forward looking statements.
Contact: Karl Keegan, CFO, T: +31 (0)71 52 47 181
The full report including tables can be downloaded from the following link:
Q1 Report 2011 :
http://hugin.info/132866/R/1514824/450956.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pharming Group N.V. via Thomson Reuters ONE
[HUG#1514824]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 07:03 Uhr
Sprache: Deutsch
News-ID 54561
Anzahl Zeichen: 7329
contact information:
Town:
Leiden
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 127 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pharming announces first quarter financial report 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Pharming Group N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
