News

Pharming gets cash injection
Enlarge image

BusinessNetherlands

Pharming gets cash injection

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.

http://www.european-biotechnology-news.com/news/news/2012-03/pharming-gets-cash-injection.html

BusinessSwitzerland

03.07.2015 Biotech giant Biogen is investing CHF 1bn in a new pharmaceutical production plant in the Swiss town of Luterbach. Noted as one of the world’s oldest biotech firms, the new plant will create up to 400 jobs.

Personalised MedicineNetherlandsBelgiumSpain

02.07.2015 Dutch biotech Amarna and Austrian Biomarker research centre CBmed have joined forces to develop several immunotherapies, including therapies against cancer and diabetes type 2. The joint venture will develop Amarna’s next generation viral vector platform.

M&ASwitzerland

30.06.2015 Pharma giant Novartis has bumped up its neuroscience portfolio with the recent purchase of Australian biotech Spinifex for a US$200m upfront payment plus US$500 in milestone payments. The acquisition is centred on Spinifex’ mid-stage pain drug EMA401.

Personalised MedicineGermany

25.06.2015 German immunotherapy expert BioNTech AG has partnered up with Europe’s largest engineering company Siemens to construct a manufacturing site for BioNTech’s personalised cancer vaccine.

Bioelectronic researchSweden

24.06.2015 Swedish scientists have created artificial neurons that are capable of mimicking the function of human nerve cells. The researchers hope that, once minituarised, they may one day be used to restore disturbed neural function.

FinancingLuxembourgItalySwitzerland

23.06.2015 Cosmo Pharmaceuticals is floating its majority-owned subsidiary Cassiopea at the Swiss Stock Exchange, with the aim to raise between CHF150m and CHF200m.

EventEUGermany

22.06.2015 For the 31st time, the ACHEMA has drawn the global chemical engineering and the process industry to Frankfurt. Although still overshadowed by petrol, the biobased economy is getting ready to step out into the limelight.

EventEU

17.06.2015 At the BIO convention in Philadelphia, the biotech industry celebrates new gene and cell therapies, and hails its unlikely superheroes.

ResearchUKSwitzerland

16.06.2015 Northern Ireland’s biopharma Almac Discovery is partnering up with Roche subsidiary Genentech in a two-year joint research programme to discover and develop cancer treatments.

M&ANorwayFinlandSweden

12.06.2015 The high-potential cancer immunotherapy market is fiercely fought, and small companies have trouble making their mark. Nordic companies Targovax and Oncos have joined forces to create a Nordic immuno-oncology champion named Polaris.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • MEDIGENE (D)10.45 EUR7.51%
  • WILEX (D)3.65 EUR5.49%
  • SUMMIT (UK)4.03 GBP3.87%

FLOP

  • 4SC (D)4.59 EUR-6.33%
  • BAVARIAN NORDIC (D)41.82 EUR-6.28%
  • BIOFRONTERA (D)2.06 EUR-5.50%

TOP

  • DBV Technologies (F)52.75 EUR16.9%
  • Allergy Therapeutics (UK)23.50 GBP15.3%
  • BIOINVENT INTERNATIONAL AB (S)2.56 SEK12.8%

FLOP

  • CHRONTECH PHARMA (S)0.01 SEK-50.0%
  • TRANSGENE (F)3.68 EUR-28.8%
  • NORDIC NANOVECTOR (N)25.20 NOK-26.5%

TOP

  • 4SC (D)4.59 EUR345.6%
  • ADOCIA (F)65.40 EUR336.0%
  • WILEX (D)3.65 EUR319.5%

FLOP

  • CHRONTECH PHARMA (S)0.01 SEK-87.5%
  • ACTIVE BIOTECH (S)8.85 SEK-70.6%
  • NEOVACS (F)1.10 EUR-69.3%

No liability assumed, Date: 03.07.2015