Pharming Group NV Acquires DNage BV
Dr. Rein Strijker appointed as Chief Commercial Officer of Pharming.
Leiden, The Netherlands, October 16, 2006. Biotech company Pharming Group NV (“Pharming” or “the Company”) (Euronext: PHARM) (PHARM.AS) today announced signing of the final Sale and Purchase Agreement and necessary corporate approvals to acquire DNage BV (“DNage”). As part of the acquisition, Dr. Rein Strijker joins the Board of Management of Pharming as Chief Commercial Officer effective immediately.
Under the agreement, Pharming will pay four million shares in several installments to the existing DNage shareholders in addition to 600,000 warrants, future milestone payments, based on DNage product development achievements, and royalties on future sales of DNage products.
As approved at the Annual General Meeting of shareholders of last April 26, Dr. Rein Strijker, Chief Executive Officer of DNage and member of the Board of Supervisory Directors of Pharming (BOSD), joins the Board of Management of Pharming and has resigned from the BOSD. He has been appointed as Chief Commercial Officer and will be responsible, amongst others, for commercial development, corporate communication and investor relations.
“Pharming remains committed to bringing its current products to the market through focused efforts in the shortest time possible,” said Dr. Francis Pinto, CEO of Pharming. “At the same time, the Company will create value through research innovation, setting the stage for valuable collaborations in the future.”
DNage currently has active programs in the areas of osteoporosis, neurodegeneration (brain diseases), metabolic diseases (type II diabetes) and genetic diseases (premature ageing). A significant part of its research costs are covered by subsidies and grants and by research collaborations with other companies.
DNage was founded in 2004 as a spin-off from the Erasmus Medical Center in Rotterdam to commercialise break-through science by Professor Hoeijmakers and colleagues in the area of DNA damage and repair. His team was the first to establish an explicit connection between DNA damage (lack of repair) and the development of major ageing diseases, in addition to the already known link between DNA repair and cancer.
Professor Hoeijmakers, Chief Science Officer at DNage, will remain professor at the Erasmus Medical Center and will be nominated to play an important role in the new Scientific Advisory Board of Pharming which will be established in the near future.
Background on Pharming Group NV
Pharming Group NV is developing innovative protein products for the treatment of genetic disorders, specialty products for surgical indications, intermediates for various applications and food products. Pharming has two products in late stage development - Rhucin® (recombinant human C1 inhibitor) for hereditary angioedema (under review by EMEA) and human lactoferrin for use in functional foods (GRAS notification under review by US FDA). The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, http://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. The press release also appears in Dutch. In the event of any inconsistency, the English version will prevail over the Dutch version.
- Contact Information
- Samir Singh
- Pharming Group NV
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.