Communication from Financier NovaQuest

8th Jul 14

Release Date: 08/07/2014 12:00am

Pharmaxis advises that on July 4, 2014 it received a notice from NovaQuest Capital Management, an affiliate of NovaQuest Pharma Opportunities Fund III, L.P. (“NovaQuest”), alleging Pharmaxis has breached the Financing Agreement, dated January 30, 2013, between the Company and NovaQuest and that an event of default will occur on August 3, 2014.

The Company strongly rejects the allegation it is in breach, will contest the allegation and take all appropriate steps to ensure that NovaQuest complies fully with its obligations under the Financing Agreement.

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