August 14, 2009 / 12:05 PM / 10 years ago

UPDATE 1-Pharming gets U.S. okay for Prodarsan trial

* U.S. FDA approves brief trial for Prodarsan

* Drug treats premature aging syndrome

* Pharming shares up 15 pct

* Analyst sees development delayed (Adds analyst comment, share move)

AMSTERDAM, Aug 14 (Reuters) - Biotechnology company Pharming Group (PHAR.AS) on Friday said the U.S. Food and Drug Administration accepted its investigational new drug application for Prodarsan, permitting a clinical trial to proceed.

Pharming said its subsidiary DNage would run a trial in the fourth quarter to test the effects of the drug. Prodarsan treats Cockayne Syndrome, which leads to symptoms of premature aging. There is currently no treatment.

Pharming shares shot up 15.5 percent on the news to 61 cents at 1147 GMT in Amsterdam. But analysts said development on the drug was likely to be delayed.

“Although the FDA acceptance is positive, with the current cash position of Pharming, we believe development of the product will be delayed unless additional funds can be raised or a partnership for further development of the drug can be found,” SNS Securities analyst Ilja Zaanen said in a research note. (Reporting by Ben Berkowitz; Editing by David Cowell)

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