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DewDiligence

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DewDiligence

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Saturday, 05/07/2005 6:51:05 PM

Saturday, May 07, 2005 6:51:05 PM

Post# of 252711
Pharming interview excerpt with The Wall Street Transcript:

[I just encountered this 2003 interview by accident when searching for something else and thought it was worth posting, given the importance of Pharming to GTCB shareholders.]

http://www.twst.com/notes/articles/lzs016.html

>>
Chief Business Officer of Pharming Group talks about products in clinical trials

Full article published: 08/04/2003

REIN STRIJKER is the Chief Business Officer of Pharming Group

TWST: Let’s start with an introduction to Pharming, including an update on recent developments?

Dr. Strijker: Pharming has been in existence since 1989, initially as part of a US based company with locations both in US and in Europe. We then we split into two companies in 1995 and Pharming became an independent private company. Subsequently, our former parent company in the US, GenPharm Inc., was acquired by Medarex. [This is how “unclaimed” shares of Pharming came about (#msg-6195913).]

We went on to do an IPO in 1998 on EASDAQ and then listed on Euronext in 1999. During the early years of our existence, we were highly focused on developing technology that was related to production of recombinant proteins in milk. We developed a lot of technology in that area and then in the late 1990s, we made a switch to product development.

Due to some difficulties with a joint venture in 2001, we initiated a restructuring process that was completed last year in 2002. As a result, we have emerged as a slim and trim organization, retained ownership of our technology to produce recombinant proteins in milk, and have pushed our lead product into Phase II of clinical development with the goal to file for approval in 2004.

TWST: Can you provide a layman’s insight into your core proprietary technology?

Dr. Strijker: Our technology is really based on the advancement of recombinant DNA technology in the late 80s and early 90s. What we were able to do is select a product that we want to develop, which in our case is always a protein therapeutic. We identify and purify the genetic information that makes a particular protein and bring it into an animal in such a way that the animal is going to produce the selected protein only in its milk. For instance, our lead product is for a genetic disease where people lack a specific protein.

We isolate the human gene for that protein, put it into the animal in such a way that it starts producing this human protein at very high levels in its milk. These levels could be several grams per liter and since basically all animals, but certainly large animals produce huge amounts of milk, this translates into a very large production capacity. After purifying the selected protein from milk, we formulate and deliver the protein therapeutic to patients.
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“The efficient-market hypothesis may be
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