Pharming leaps on Pompe's drug news
The share price of Pharming rose as much as 21% on the news that thecompany's alpha-glucosidase drug to treat Pompe's disease will enter Phase III clinical trials this quarter.
The drug, which has received orphan designation from the US Food and Drug Administration (Marketletters passim), could now be on the market in the USA in the second half of 2002, according to the company's chief financial officer, Ino Cooijmans, who told Bloomberg News that only Pharming, together with its partner Genzyme, will be marketing a product for this rare, muscle-wasting disease. The product could have annual sales of $300 million, he added.
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