Pharming publishes financial report first half year 2011
(Thomson Reuters ONE) -
Leiden, The Netherlands, August 4, 2011. Biotech company Pharming Group NV
("Pharming" or "the Company") (NYSE Euronext: PHARM) today published its
financial report for the first half year ended June 30, 2011.
HIGHLIGHTS
* Revenues and other income from continuing operations increased to ?1.4
million (H1 2010: ?0.1 million) due to recognition of license fee income and
product sales following launch of Ruconest® in December 2010.
* Operating costs from continuing operations decreased to ?9.1 million (H1
2010: ?10.1 million). Operating cash outflows in the first half of 2011
amounted to ?8.9 million compared to ?10.0 million (H1 2010) of which ?8.4
million in H1 2010 was from continuing operations and ?1.6 million from
discontinued operations. The ?0.5 million net increase in cash outflow from
continued operations is explained by ?2.9 million less cash received from
commercial partners, primarily related to a ?3.0 million second quarter
2010 upfront payment from SOBI upon entering into a distribution agreement
for Rhucin®, and the deferred payment of 2009 liabilities to early 2010 as a
result of a limited cash position at year end 2009.
* Total net loss decreased to ?8.0 million (H1 2010: ?28.0 million).
* In the six months to June 30, 2011, net cash and cash equivalents, including
restricted cash, increased to ?11.0 million (December 31, 2010: ?10.5
million). The ?0.5 million increase largely reflects the net cash inflows
from financing activities of ?10.2 million and net operating cash outflows
of ?8.9 million. Post period we raised ?3.2 million gross through a private
placement with specialist investors.
* Roll-out of Ruconest® across Europe is progressing well and we continue to
make progress with the US development. We and our partner, Santarus, are
finalizing discussions with the FDA on the Phase III protocol to support the
submission of a Biologics License Application. As previously discussed,
changes to the study design will include a modification to the way the
primary endpoint will be assessed and an increase in the number of study
patients from 50 to approximately 75. We continue to expect that the Phase
III study will be completed by the third quarter of 2012, which is within
our original time estimate of 12 to 18 months. If approved, Rhucin® will be
the first recombinant C1 inhibitor on the market, and could offer an
attractive therapeutic option for patients with HAE.
* Agreement signed with MegaPharm for the commercialization of Ruconest® in
Israel represents first step in global expansion of C1 Inhibitor franchise.
Chief Executive Officer, Sijmen de Vries, commented: "Throughout the first half
of 2011 we have been focusing on addressing the FDA's refusal to file letter for
Rhucin® and we continue to make progress. Concurrently, we have continued 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 and low cost production platform.
We were pleased to complete a private placement post the period against a
backdrop of difficult market conditions. This raise significantly extends our
runway into 2012."
(A conference call for analysts and press will be held at 11:00 CET, details
provided below)
KEY FINANCIAL DATA
(in ?million, except per share data) Half year ended Half year ended
June 30, 2011 June 30, 2010
(unaudited) (unaudited)
Statement of financial position:
Non-current assets (excluding restricted cash) 10.2 27.0
Cash and cash equivalents, net of bank 11.0 9.8
overdrafts
Inventories and other current assets 8.6 12.4
Total assets 29.8 49.2
Total equity 4.1 11.4
Deferred license fees income 18.3 3.1
Convertible bonds - 11.7
Other liabilities 7.4 23.0
Total equity and liabilities 29.8 49.2
Statement of income:
Revenues and other income 1.4 0.1
Cost of revenues (1.1) -
Other operating costs (9.1) (10.1)
Financial income and expenses 0.2 (16.3)
Net loss from continuing operations (8.6) (26.3)
Net profit/(loss) from discontinued operations 0.6 (1.7)
Total net loss (8.0) (28.0)
Net loss attributable to equity owners of the (7.9) (28.0)
parent
Net loss attributable to non-controlling (0.1) -
interest
Statement of cash flows:
Net cash used in operating activities (8.9) (10.0)
Net cash used in investment activities (0.6) -
Net cash from financing activities 10.2 18.3
Share data:
Outstanding shares at the end of the period 461,116,470 304,953,323
Weighted average shares outstanding in the 452,653,744 177,091,915
period
Basic and diluted net loss per share (?) (0.02) (0.16)
FINANCIAL RESULTS
Financial results for the first six months of this year showed significant
increase in revenues compared with the equivalent period last year.
In the six months to June 30, 2011 the Company generated revenue and other
income from continuing operations of ?1.4 million (H1 2010: ?0.1 million). This
increase reflects the recognition of license fee income and product sales
following launch of Ruconest® in December 2010. Costs associated with the
revenues and other income amounted to ?1.1 million.
Total operating costs from continuing operations decreased to ?9.1 million (H1
2010: ?10.1 million). The decrease partially reflects the timing of expenses, in
particular related to the EU regulatory activities in the first half year of
2010 and a continuing emphasis on cost containment.
Financial income and expenses from continuing operations resulted in a ?0.2
million profit (H1 2010: ?16.3 million loss). Except for the derivative
financial liability, which yielded a ?0.3 million profit in the first half year
of 2011, the anti-dilution provisions, convertible bonds and earn-out
obligations were all settled in the second half of 2010 so that no further
expenses were incurred in 2011.
Following liquidation of DNage early 2011, the Company deconsolidated the DNage
entity from its statement of financial position, resulting in a one-time profit
from discontinued operations of ?0.6 million (H1 2010: ?1.7 million loss).
Overall, the total net loss including the contribution of minority shareholders
decreased to ?8.0 million (H1 2010: ?28.0 million). The net loss per share for
the first half year decreased to ?0.02 (H1 2010: ?0.16).
FINANCIAL POSITION
In the six months to June 30, 2011, net cash and cash equivalents, including
restricted cash, increased to ?11.0 million (December 31, 2010: ?10.5 million).
The ?0.5 million increase largely reflects the net cash inflows from financing
activities of ?10.2 million and net operating cash outflows of ?8.9 million.
The full half year report for the period ended June 30, 2011 can be found on
Pharming's website.
Conference call information
Today, Chief Executive Officer Sijmen de Vries and Chief Financial Officer Karl
Keegan will present the first half 2011 results in a conference call for
analysts and press at 11:00 CET. To participate, please call one of the
following numbers 10 minutes prior to the call:
From the Netherlands: 0800-265-8611 (toll-free) or +31 (0) 45-631-6902
From the UK: 0800-358-0886 (toll-free) or +44-207-153-2027
To view the presentation live during the call, please follow the below link:
http://event.on24.com/r.htm?e=343313&s=1&k=24DC284C4757B14F8A089F6E2567B5C2
Following a presentation of the results, the lines will be opened for a question
and answer session. An audio cast of the conference calls will be available on
Pharming's website shortly thereafter.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of unmet
medical needs. Ruconest® (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, and is
distributed in the EU by Swedish Orphan Biovitrum (STO: SOBI). Rhucin® is
partnered in North America with Santarus Inc (NASDAQ: SNTS) where the drug is
undergoing Phase III clinical development. 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 and 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 6 3168 0465
Financial Dynamics
Julia Phillips/ John Dineen: T: +44 (20)7 269 7193
The full report including tables can be downloaded from the following link:
Q2 Report 2011:
http://hugin.info/132866/R/1536099/468598.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#1536099]
Unternehmensinformation / Kurzprofil:
Datum: 04.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 56957
Anzahl Zeichen: 12406
contact information:
Town:
Leiden
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 187 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pharming publishes financial report first half year 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).
