Pharming says 2005 loss widened to €17.9 million, revenue fell

By Angela McDaniels

Seattle, Feb. 17 - Pharming Group NV's revenue for the year ended Dec. 31 decreased to €405,000 from €653,000 in 2004, according to a company news release. Meanwhile, the net loss in 2005 increased to €17.9 million, or €0.23 per share, from a net loss of €14.2 million in 2004, or €0.24 per share.

Shares outstanding grew to 79.2 million from 58.3 million during this period.

The company attributed the increased loss in part to greater costs and expenses, which increased to €18.9 million in 2005 from €15.3 million in 2004. The costs in 2005 included charges made for clinical studies with rhC1INH in Europe and North America, research and development on pipeline products and the filing of regulatory approval applications for rhC1INH and hLF.

Pharming's cash position decreased to €20.3 million at Dec. 31 from €25.8 million at the end of 2004, and its total liabilities increased to €5.8 million at Dec. 31 from €1.6 million a year earlier.

Since the beginning of 2006, the company has raised more than €30 million through a strategic agreement with Paul Royalty Fund and a share placement with new institutional investors, raising its cash position to €50 million, according to the release.

"Pharming has successfully completed a major biotech turnaround and will now strive to be cash flow positive," chief executive officer Francis J. Pinto said in the release.

Pharming is a biotechnology company based in Leiden, the Netherlands, that develops protein products for unmet medical needs.

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