Pharming COO expects EMEA's opinion in Q4; wants to increase cash by yr end

Pharming COO expects EMEA's opinion in Q4; wants to increase cash by yr end

	Published : Fri, 20 Jul 2007 11:00 By : Agencies Print this Story

AMSTERDAM (Thomson Financial) - Pharming Group NV still expects to hear the opinion of the European Medicines Evaluation Authority (EMEA) on lead product Rhucin before the end of 2007 and hopes to increase its cash position by year end, chief operations officer Rein Strijker said in a conference call following up on this morning's first half figures.

Strijker said the process was 'on schedule' and that Pharming expects to hear an opinion in the fourth quarter, possibly in November.

The COO noted that 'there is no guarantee of approval,' but reiterated the company's confidence in the product, which is a protein designed to treat hereditary angioedema, a rare illness that causes uncontrolled swelling.

He is also waiting for the results of a double-blind placebo trial of the product in hospitals and said the company will discuss those studies with the EMEA.

Strijker also addressed efforts to strengthen the company's financial position by the end of the year, saying the company wants to have a minimum of 30 mln eur on the balance sheet at the end of 2007.

As of June 30 of this year, Pharming's cash position was 19.1 mln eur versus 31 mln at the end of 2006. The company also reported an increased net loss of 11.3 mln eur compared to its 8.1 mln eur loss in the first half of last year.

He said the company expects to achieve that goal in part through commercial partnerships and licensing agreements but while the COO confirmed that Pharming 'is always in talks,' with potential partners, he could not go into specifics and said that the chance of success was difficult to estimate.

Stijker said that the sale of shares to raise money was possible but not very likely.

Dave van Ginhoven, dave.vanginhoven@thomson.com

dvg/jlw

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.