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Pharming ends Q3 with 75% more cash, net loss hits €4.4 million
By Angela McDaniels
Seattle, Oct. 27 - Pharming Group NV said it ended the quarter with €36.5 million of cash, cash equivalents and marketable securities, 75% more than the €20.9 million the company had at Dec. 31. 2005.
The company attributed the increase to a share placement with institutional investors and an agreement with Paul Royalty Fund II, LP.
Total costs and expenses for the third quarter ended Sept. 30 increased slightly to €4.1 million from €4.0 million for the same quarter of 2005.
The net loss increased by 16% to €4.4 million from €3.8 million for the third quarter of 2005, but remained flat compared with the €4.4 million net loss for the second quarter of 2006.
The net loss per basic and diluted share was €0.05 for the third quarters of 2005 and 2006.
Revenue fell to €20,000 for the third quarter from €23,000 for the third quarter of 2005.
In the first three quarters of 2006, total costs and expenses were down at €12.3 million, compared with €12.9 million for the first three quarters of 2005.
The total net loss for the first nine months increased to €12.5 from €12.0 million for the same period of 2005. The net loss per basis and diluted share was the same for both periods at €0.15.
Revenue fell to €100,000 for the nine months ended Sept. 30 from €363,000 for the first nine months of 2005.
Net cash used for operating activities in the first nine months of 2006 was €15.1 million, including €2.2 million for investments in property, plant and equipment. This amount relates primarily to investments in the new office building to which Pharming moved in September, according to a company news release.
The company also appointed Rein Strijker as chief commercial officer and Bruno Giannetti as chief operations officer during the third quarter.
Pharming is a biotechnology company based in Leiden, the Netherlands, that develops protein products for the treatment of genetic disorders.
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