Biotechnology company Pharming, which focuses on producing medicine using transgenic animals, booked a loss of €5m in the first three months of this year, compared with a loss of €3.7m in the same period of 2006.

The company has a cash balance of €26.2m, down from €31.1m in December. Pharming is still waiting for EU approval to market Rhucin, a new drug for the treatment of hereditary angioedema (which affects the immune system). It said it hopes to get the green light in the second half of this year.