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Pharming Group (PHGUF.PK) Discontinues Funding of DNage


1/31/2011 9:19:46 AM

LEIDEN, NETHERLANDS--(Marketwire - January 31, 2011) - Biotech company Pharming Group NV ("Pharming") (NYSE Euronext: PHARM) today announces that it has discontinued the funding of DNage.

In July 2010, Pharming announced the completion of the spin-off of its subsidiary DNage. As part of the spin- off agreement, Pharming agreed to provide DNage with an undisclosed,limited bridge funding for a specified term, to allow DNage time to seek new investors. DNage has been unable to secure new investors and its shareholders have now decided to put DNage into voluntary liquidation.

About Pharming Group NV

Pharming Group NV is developing innovative products for the treatment of unmet medical needs. Ruconest™ (Rhucin® in non-European territories) is a recombinant human C1 inhibitor approved for the treatment of angioedema attacks in patients with HAE in all 27 EU countries plus Norway, Iceland and Liechtenstein. The product is also under development for follow-on indications, i.e. antibody-mediated rejection (AMR) and delayed graft function (DGF) following kidney transplantation. The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, www.pharming.com.

This press release contains forward looking statements that involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the results, performance or achievements expressed or implied by these forward looking statements.

Press release (PDF): http://hugin.info/132866/R/1483858/418994.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Pharming Group N.V. via Thomson Reuters ONE

[HUG#1483858]


Contact:
Karl Keegan
Chief Financial Officer
Pharming Group NV.
T: +31 (0)71 52 47 400
E: Email Contact


Read at BioSpace.com

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