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.
26.05.2016 BigDNA relaunches as Iceni Pharmaceuticals with the aim to develop repurposed and reformulated cancer therapies. First order of business: repurpose Merck Serono’s cilengitide as a multiple myeloma treatment.
24.05.2016 One of the pioneering companies developing pharmaceuticals and diagnostics based on the gut microbiome, Enterome Bioscience, has raised €14.5m in a Series C financing round. Among the investors were Seventure and Lundbeckfond as well as Nestlé.
20.05.2016 The long awaited global review on antimicrobial resistance by economist Lord Jim O’Neill has been published. It sets out an action plan to defeat superbugs with a huge awareness campaign and rapid diagnostics to be used before antibiotics are prescribed.
18.05.2016 Bayer is deepening its involvement in CRISPR with a licensing agreement for genome editing patents. Irish partner ERS Genomics holds the rights to the CRISPR/Cas9 tech from Emmanuelle Charpentier, one of the inventors.
11.05.2016 Newly spun out company OxStem has raised £16.9m (€21.5m) to develop regenerative meds for the treatment of age-related disease. It is the largest financing for an Oxford spin-out – or any UK academic spin-out – to date.
09.05.2016 Swiss Genentech partner AC Immune has raised CHF42.7m (€38.6m) in order to advance its therapeutic and diagnostic product pipeline in Alzheimer’s disease. The news follows a recently announced R&D collaboration with Biogen.
04.05.2016 Barcelona-based epigenetics expert Oryzon Genomics has closed a debt funding round of €10.5m, bringing the total money raised since last year to €27m. The funds will serve to advance the company’s two LSD1 inhibitors in cancer and neurodegeneration.
03.05.2016 Ipsen is strengthening its ties to long-time development partner Oncodesign, a Dijon-based cancer treatment biotech. The French pharma is handing over the pre-clinical pharmacology for its oncology research programmes to Oncodesign.
29.04.2016 Swiss bank Group UBS has raised US$471m (€412m) for the UBS Oncology Impact Fund, which was set up to invest in early-stage cancer treatments. The money raised by the fund, nearly half of which comes from investors in Asia, is the largest amount ever raised for such a cancer investment fund.