Pharming of the Netherlands, which is pioneering the use of transgenic animals for the production of biologics, has raised €7 million in new funding and will use the proceeds to advance its portfolio of clinical drug candidates.
The company said the fundraising brings the total amount raised in 2004 and 2005 to €42 million, and that it would use the new cash to support its clinical drug development projects.
Pharming also said it has completed the acquisition of ProBio International, which expands the Dutch company's portfolio in the area of recombinant human lactoferrin and enhances Pharming's protein production technology platform.
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 projects, and has been raising cash through 2004 and 2005 to support this effort.
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.