!_Professional_! schreef op 12 maart 2019 14:48:
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Company is paying First Berlin to write research
- Mngnt is massively selling stock
- Very Aggressive financing in place (and company is even proposing approval to get room for a share buyback. IN my opinion for one reason, squeeze out the last penny for themselves
- Net Cash balance worsened yoy 2018 vs 2017 if you correct for milestone payment in Q19 and increase in liabilities
- I wonder if accountant is willing to provide a going concern opinion
- The 'profit' in 2018 is from a very low quality (no cash generation + recognizing deferred tax asset of EUR 25m.6, while the net profit was EUR 25m --> complete JOKE
** Buy recco by first Berlin.... Interestingly, there is a disclaimer in the report stating
First Berlin notes that is has concluded a contract with the issuer to prepare financial analyses and is paid for that by the issuer.**
- Compared to competing therapies lanadelumab (Shire) and Haegarda (CSL), Ruconest scores last on efficacy, convenience in dosing schedule, and mode of administration or price
- Lanadelumab's great commercial advantage is based on a low volume SC injection to be administered once every two weeks, or once every to four weeks if the patient is well-controlled for more than 6 months. In contrast, to twice weekly with Cinryze, Haegarda, and Ruconest.
- FDA requested September 21st an additional trial for Ruconest's prophylaxis supplemental biological license application (sBLA) to evaluate the effectiveness. If rejected (not priced into Kempen's EUR 0.4/shr price target), peak sales of Ruconest are exp to nearly half to ~USD 200m vs USD 340m.
- On top of that, another competitor in November 12th, - Klavissta announced HAE drug ready to go to mkt in 2023 instead of 2020
Also see Pharming's prophylactic hereditary angioedema strategy under discussion:
www.pharmaceutical-technology.com/com...-) While management keeps on marketing this stock on retail conferences, it looks like except Kempen, it is paying other brokers for research coverage, while management itself is aggressively selling out, see below, source
www.trivano.com/aandeel/pharming.450....- The company uses extremely expensive financing and gave everything it owns as collateral (its latest annual report)
Summary: EUR 90m loan, EUR 10m fees, 12% interest and everything it owns as collateral..... source annual report 2017
Under the terms and conditions of the new debt facility, the Lenders provided an amount of US$100 million
€91.3 million) secured senior debt funding against 48 months promissory notes with interest of the sum of (i) the Applicable Margin of 11% plus (ii) the greater of (x) One-Month LIBOR and (y) 1.00%. Repayment of the loan and starts in September 2018 in quarterly installments. The Company has the option to prepay the loan before its maturity date. As further consideration for the facility, the Lenders received a 4% warrant coverage (9,174,372 warrants) with a strike price of €0.455 representing the closing price of Pharming shares immediately prior to the closing date, plus a 2.5% commitment fee of the principal sum and an assignment fee on the maturity date of US$3.7 million. The warrant strike price was increased from the maximum originally announced because of the increasing price of Pharming shares prior to closing of the loan. Other facility fees of €1.1 million have been deferred from the original loans. The warrants have been separated from the loan and recognized in Equity. The Company, and its subsidiaries, have pledged all receivables, movable assets and intellectual property rights as security to the new lenders, in the same way as those assets were pledged to the original lenders.
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