Pharming's loss deepens by 13% in 3rd qtr
Netherlands-headquartered firm Pharming's loss worsened by 13% in the three months ended September 30, 2008, as revenue plunged.
Sales were down 25% to 123,000 euros ($163,590 ) and R&D expenses fell 12% to 4.4 million euros. The firm's net loss was 7.2 million euros, or 0.08 euros per share, versus 6.4 million euros, or 0.07 euros per share. Nonetheless, the firm managed to triple its cash and cash equivalent assets to 30.0 million euros vs 9.9 million euros.
During the period, Sijmen de Vries was appointed as chief executive, effective from November. Dr de Vries is successor to Francis Pinto, who will retire at the next annual general meeting in 2009. To ensure a smooth transition, Dr Pinto will stay on as non-executive chairman of the board.
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