Pharming posts wider Q3 net loss; says EU Rhucin approval process on schedule |
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Fri, 19 Oct 2007 07:02
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AMSTERDAM (Thomson Financial) - Pharming Group NV presented a wider net loss for the third quarter of 2007 this morning, while saying that the European approval process for its lead product Rhucin is on schedule and announcing the placement of a 70 mln eur convertible loan.The company posted a net loss of 6.4 mln for the quarter, compared to 4.4 mln eur in the same period a year earlier and analyst expectations for a net loss of 6.0-6.1 mln.Pharming also said its cash position at the end of the quarter was 14.1 mln eur compared to 19.1 mln at the end of the second quarter and reported revenues of 0.6 mln eur for the first 9 months of 2007 compared to 0.1 mln in the same period a year earlier.The company provided a recap of progress with its pipeline, saying that the approval process at the European Medicines Evaluation Authority (EMEA) for the use of Rhucin to treat a condition called hereditary angioedema is going according to schedule and that it still expects to hear the EMEA's opinion by the end of the year.Phase III trials of Rhucin are ongoing in the US, and Pharming said today it expects to complete those trials in the fourth quarter.The company also announced this morning that it has placed a 70 mln eur convertible loan that it said has helped its goal of strengthening Pharming's cash position.Dave van Ginhoven, dave.vanginhoven@thomson.comdvg/jfrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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