02.08.2012 - Dutch Pharming Group NV has baged an equity working capital facility of up to €10m to push Ruconest (conestat alfa) to the US market.
The Leiden-based company secured a financing of up to €10m led by Kingsbrook Opportunities Master Fund LP. Ruconest, a recombinant C1 inhibitor to treat angioedema attacks in patients with the congenital disorder HEA. The drug is produced through the company's proprietary technology in milk of transgenic rabbits. The working capital facility should enable Pharming's cash runway to reach the anticipated read out of Study 1310 for Ruconest in the US and the associated US$10m milestone payment and a further US$5m upon acceptance of the BLA by the FDA from US partner, Santarus, Inc.
Pharming will have the option to draw from the working capital facility in tranches in exchange for ordinary shares in the capital. Pharming will retain control of the timing and amount of any funds draw down. Pharming must give notice to the Investors. The investors have the option to purchase up to 600% of the Draw Down Amount.
On signing, Kingsbrook and other investors will receive warrants to purchase up to an aggregate of 16,500,000 ordinary shares in the capital of Pharming. When draw downs have exceeded a total of €2,5m and for every subsequent €2,5m drawn, the Investors will receive additional warrants to purchase up to an additional 16,5 million ordinary shares. The warrants have an exercise period of five years and are exercisable at a strike price equal to 110% of the average of the volume weighted average price of the ordinary shares on the market for the 10 trading days prior to the signing of this agreement. Sijmen de Vries, CEO, said "Pharming is very pleased to have secured this facility against a backdrop of extremely difficult conditions in the capital markets.“ Currently Ruconest is in Phase III testing under a Special Protocol Assessment (SPA) that is intended to support the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA). The study with the orphan drug, which is expressed in transgenic rabbits, is expected to be completed by autum this year.
19.11.2014 It’s not every day that a company is pushed into the top ten of its sector, but that day has come for Actavis. Christmas came early for the new pharma giant after completing a US$66bn (€53bn) takeover battle for the Botox manufacturer Allergan.
18.11.2014 Merck KGaA and US rival Pfizer have signed a immuno-oncology alliance worth billions: Merck will share the development and commercialisation of its cancer antibody with its US partner – for €2.3bn.
14.11.2014 Cosily coinciding with World Diabetes Day on 14th November, French biopharma Les Laboratories Servier has struck a US$1bn deal with US pharma Intarcia Therapeutics for the exclusive rights to Intarcia’s unprecedented therapy for type 2 diabetes.
12.11.2014 Glitz and glamour are not words often used to describe science and mathematics. But once a year, celebrities from the science and showbiz world come together at the Breakthough Prizes, a glitzy television bash that honours scientists for their achievements. French life scientist Emmanuelle Charpentier was among this year’s winners.
04.11.2014 Galecto Biotech has entered an agreement with Bristol-Myers Squibb for the acquisition of the company and its lead drug, providing the Swedish company with the potential of reaching over US$400m.