Biotech firm Pharming losses double

Leiden-based biotech firm Pharming announced on Friday that its net loss doubled in 2007 to €35.6m.

The figure includes one-off costs for terminated its contract with US investor Paul Capital.
The other reason for the higher loss was the cost involved with the company’s application for official approval of its medicine Rhucin to treat allergic swelling reactions (known as angioedema), said ANP news agency.
In a statement, Pharming CEO Francis Pinto said he sees no reason to change the company’s strategy following an initial negative recommendation on Rhucin by the European authorities.
‘We remain focused on bringing this product to the market as soon as possible,’ said Pinto. A final decision on the product is expected in the first half of 2008, said Pharming.
The company said revenues for 2007 were up to €700,000 in 2007 compared with € 100,000m in 2006.

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