Pharming Group (PHGUF.PK) Provides Update on Business-Strategy at Shareholders Meeting; CEO to Resign
Leiden, The Netherlands, April 16, 2008. Biotech company Pharming Group NV ("Pharming" or "the Company") (NYSE Euronext: PHARM) announces that it will provide an update of its business strategy during the Annual Meeting of Shareholders later today. It also announced organisational changes in its Board of Management and Board of Supervisory Directors.
During the meeting the Company will confirm its strategy to focus its business on the further development of RhucinÂ® and to aim for registration of the product as a treatment for acute attacks of Hereditary Angioedema as soon as possible. It expects to receive the data from a placebo-controlled clinical trial in the USA in the near future. In addition, over one hundred additional treatments of attacks in an open label protocol have now been performed, the results of which will become available around the same time as those of the placebo-controlled trial. Several patients have been treated multiple times in this study. After analysis of all these data the filing strategy in the USA and EU will be determined.
Pharming expects that it will have an opportunity to meet with the regulatory authorities in the USA and EU before it submits its filings. It is likely that in the EU Pharming will ask for scientific advice from the authorities, to facilitate the development of a database that will give sufficient assurance that the product is also safe and efficacious after repeat use.
While the financial position of the Company remains strong, Pharming will consider alternative financing possibilities for other key programs to maintain a strong cash position over the next few years. Such possibilities could include outlicensing of programs as well as financing linked to one or more specific products or programs.
In the planned evolution of the Pharming organisation certain changes in the Board of Management and the Board of Supervisory Directors will be implemented. Having reached the age of 65, Dr. Francis Pinto will announce today that he is planning to resign from his current position as CEO later this year. The Board of Supervisory Directors has initiated a process for his succession assuring a smooth transition over the next few months. The Company will further announce that Mr. Jaap Blaak (currently member of the Board of Supervisory Directors) will take over the chairmanship of this Board from Mr. Veltman, who will stay on as a member.
About Pharming Group NV
Pharming Group NV is developing innovative products for the treatment of genetic disorders, ageing diseases, specialty products for surgical indications, intermediates for various applications and nutritional products. Pharming has two products in late stage development - RhucinÂ® for HAE and human lactoferrin for use in food products. 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, as well as technology in the field of DNA repair (via DNage). Additional information is available on the Pharming website, http://www.pharming.com and on http://www.dnage.nl..
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.