Pharming loss deepens 8.7% in 1st-half 2007

Dutch biotechnology firm Pharming NV says that first-half net loss was 11.3 million euros ($15.5 million), an increase of 8.7% on the shortfall in the opening six months of 2006, which was towards the high end of analysts' expectations. The firm attributed the decline to a 25.9% hike in its costs, largely a result of increased R&D spending, which rose 40.7% to 3.0 million euros. Revenues grew to 400,000 euros from 200,000 euros in the year earlier period.

Despite the deepening loss, Pharming remained upbeat saying that it has answered all the European Medicines Agency (EMEA) questions regarding its recombinant human C1 inhibitor for the treatment of hereditary angioedema, Rhucin, and hoped to gain approval in due course.