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Pharming Group (PHGUF.PK) Focuses on Transgenic Rabbit Platform Closure of US Based Cattle Platform Operations


6/25/2012 9:55:32 AM

LEIDEN, THE NETHERLANDS--(Marketwire - June 25, 2012) - Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) announced today the closure of its US based cattle platform research operations. As previously announced on June 12, Pharming is undertaking a comprehensive review of its strategic options including the implementation of additional cost containment measures.

Pharming's US research operations are comprised of farm based research facilities, land and staff involved in research and maintenance of the company's transgenic cattle herd. The decision reflects the declining importance of transgenic cattle research, and legacy proteins such as fibrinogen, lactoferrin and collagen, to Pharming's future strategy and the increasing business development focus on current and new projects, such as rh C1 inhibitor and Factor VIII. The closure, however, will not adversely affect Pharming's ability to maintain and preserve the existing transgenic lines, or Pharming's ongoing discussions with potential partners on collaborations for fibrinogen and lactoferrin.

Pharming's CEO, Sijmen de Vries, commented: "We would like to express our gratitude to all of Pharming's US operations staff, past and present, for their expertise, dedication and support over the years and we wish them well in their future endeavours."

About Pharming Group NV

Pharming Group NV is developing innovative products for the treatment of unmet medical needs. RUCONEST® 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, and is distributed in the EU by Swedish Orphan Biovitrum (OMX: SOBI). RUCONEST® is partnered with Santarus, Inc (NASDAQ: SNTS) in North America where the drug is undergoing Phase III clinical development. The product is also being evaluated for follow-on indications in the areas of transplantation and reperfusion injury. The advanced technologies of the Company include innovative and validated platforms for the production of protein therapeutics, technology and processes for the purification and formulation of these products. A feasibility study, using the validated transgenic rabbit platform, aimed at the development of recombinant Factor VIII for the treatment of Haemophilia A is underway with partner, Renova Life, Inc. Additional information is available on the Pharming website, www.pharming.com. To download the Pharming Group Investor Relations App, click here.

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/1621729/518242.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#1621729]


Contact
Sijmen de Vries, CEO
T: +31 (0)71 524 7400
Karl Keegan, CFO
T: +31 (0)71 524 7400

FTI Consulting
Julia Phillips
T: +44 (0)207 269 7187
John Dineen
T: +44 (0)207 269 7193


Read at BioSpace.com


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