Pharming's loss doubles on one-off payouts
Netherlands-based biotechnology company Pharming's loss more than doubled year-on-year for first-quarter 2009, due to a one-time, fair-value profit of 4.0 million euros ($5.2 million) on the derivative portion of convertible bonds.
Sales rose 20% to 104,000 euros. R&D expenses were 5.4 million euros, up 32%.The firm's net loss reached 6.2 million euros, or 0.06 euros loss per share, versus a loss of 2.9 million euros, or 0.03 euros loss per share. As of March 31, the firm had 19.8 million euros in cash and cash equivalents, down 68%.
"Attracting new financing remains a top priority for management," said chief executive Sijmen de Vries. "We anticipate to receive milestone payments from our partnering agreements in the course of this year, which should keep the company securely financed into 2010," Dr de Vries added.
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