Dutch biotech company Pharming Group is planning to divest its wholly owned subsidiary DNage and focus on the commercialization of its lead product, Rhucin, a replacement therapy for patients who suffer from hereditary angioedema, and the development of other biologicals. As a first step of this process, the company has reached an agreement with the former shareholders of DNage, which Pharming acquired in 2006.
Pharming initially will keep a majority interest in the share capital of DNage, according to a company statement. This is expected to decrease after DNage secures new investors. Until such new financing is completed, Pharming will provide DNage with limited bridge funding. Thereafter, Pharming will discontinue this funding.
"Pharming is working hard on the anticipated approval of our lead product Rhucin in the European Union and the transition to a commercial phase. Our priority is the commercialization of Rhucin for acute HAE attacks and the clinical development of C1 inhibitor for the follow-on indications in the field of kidney transplantation," says Pharming CEO Sijmen de Vries in a statement.
DNage was founded in 2004 as a spin-off from the Erasmus Medical Center in Rotterdam to commercialize breakthrough science by Professor Hoeijmakers and colleagues in the area of DNA damage and repair.
- see the Pharming press release