Biotech firm Pharming losses double

Wednesday 21 July 2010

Biotechnology company Pharming booked a net loss of €28m in the first half of 2010, far above the €8m estimated by analysts and almost double its 2009 first half loss.

Operating costs were down €2.5m at €12.1m and the company's cash position was boosted from €2.3m to €9.8m partly due to debt for equity swaps.

CEO Sijmen de Vries said in a statement the company's main focus for the second half will be preparing for the upcoming market launches of its drug Ruconest.

Ruconest, made using milk from genetically modified rabbits, is used to treat hereditary angioedema - painful swellings of the skin, mouth and intestine.

© DutchNews.nl

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