The company placed 3 million new shares with professional long-term investors and will use the new cash to support its recombinant human lactoferrin and fibrinogen projects.
"The expansion of our working capital is important for the company to invest in accelerating the development of our product portfolio, without impacting resources for our lead product recombinant human C1 inhibitor," said Dr Francis Pinto, Pharming's CEO. He said additional investments in these product programmes are also likely to take place in 2005.
Pharming has been focusing on the complement C1 inhibitor - made in the milk of transgenic rabbits - and has advanced it into Phase III testing for patients with a rare genetic disorder called hereditary angioedema. But the company now wants to broaden its portfolio and advance its other two projects.
Pharming recently announced significant developments for recombinant human lactoferrin and fibrinogen. The company has successfully completed a key study needed for the regulatory filing for Generally Regarded as Safe (GRAS) status for nutritional use of recombinant human lactoferrin. Pharming also reported on positive results in animal studies for recombinant human fibrinogen and evaluation of the product by the US Army.