Inventories
At the end of the first half year of 2014, the Company has capitalized Ruconest® product and milk with an aggregate net carrying value of €6.9 million. The Company has planned for additional inventory investments after the end of the reporting period. These inventories are available for use in commercial, preclinical and clinical activities. Estimates have been made with respect to the ultimate use or sale of the product, taking into account current and expected preclinical and clinical programs for both the HAE project and other indications of Ruconest® as well as sales projections. In doing so, best estimates have been made with respect to the timing of such events in view of both the existing and expected lifetimes of the product involved.
Due to the early stage commercialization cycle of Ruconest® the actual cash proceeds from these product sales are currently difficult to predict in terms of volumes, timing and reimbursement amounts. In addition, further inventory investments and execution of pre-clinical and clinical activities are subject to availability of sufficient financial resources.
Glennies @ 31-07-2014 07:10:41 (http://www.ErikErik.com / Pharming)
Sorry....
Glennies @ 31-07-2014 07:10:09 (http://www.ErikErik.com / Pharming)
Pharming Reports On Financial Results First Half Year 2014
Leiden, The Netherlands, 31 July 2014. Biotech company Pharming Group NV (“Pharming” or “the Company”) (NYSE Euronext: PHARM) today published its financial report for the six months ended 30 June 2014.
FINANCIAL HIGHLIGHTS
Revenues and other income decreased to €2.5 million (1H 2013: €4.9 million). This reflects last year’s receipt of a one-off US$5 million payment by our US partner Santarus (now Salix Pharmaceuticals: NASDAQ: SLXP “Salix”). Revenues from product sales increased to €1.4 million (1H 2013: €0.2 million).
Operating costs remained constant at €6.2 million (1H 2013: €6.3 million).
Loss from operating activities increased by €4.0 million to €5.4 million, predominantly as a result of the receipt of the US$5 million milestone in 2013.
Net financial (non-cash) expenses amounted to €14.8 million (1H 2013: €6.8 million). The increase is a result of the revaluation of our warrants caused by the strong increase of our share price during 1H 2014. For more details on this, please refer to Note 10 on page 15 of the (attached) condensed consolidated interim financial statements for 1H 2014.
Total net loss (financial expenses and loss from operating expenses) increased by €12.9 million to €20.1 million (1H 2013: €7.2 million), mainly as result of the increased (non-cash) financial expenses.
Cash at the end of the first half of 2014 increased to €26.4 million (2013 FY: €19.2 million).
The equity position increased from €5.0 million at year end 2013 to €12.2 million, mainly as a result of the private equity placement of net €14.0 million in April 2014 and the exercise of warrants.
The total number of shares as of today, 31 July 2014 is 407,053,249.
OPERATIONS
Our Israeli commercialization partner, MegaPharm Ltd (MegaPharm), received marketing approval for Ruconest® (recombinant human C1 inhibitor) for the treatment of angioedema attacks in patients with hereditary angioedema (HAE) in Israel.
The US Food and Drug Administration (FDA) extended the Ruconest® BLA Prescription Drug User Fee Act (PDUFA) Action Date by three months to July 16, 2014