Pharmaxis Announces Completion of Restructuring and New Focus on Partnering
Release Date: 19/05/2015 12:00am
Pharmaceutical company Pharmaxis (ASX: PXS) is pleased to announce its transition to a strategic business plan with an increased focus on innovation and partnering in order to generate value. The new direction follows the completion of two years of restructuring that included partnering the Pharmaxis lead product Bronchitol in major markets worldwide, cutting the company’s expense base and employee numbers and the sale of an early stage drug asset to Boehringer Ingelheim.
Pharmaxis CEO Mr Gary Phillips said, “Restructuring Pharmaxis and withdrawing from a direct commercial presence in global markets whilst preserving value and creating the foundations for future growth has been a significant challenge. We have now put Bronchitol on a path to profitability and reduced our cash burn, in order to focus on earlier stage development projects such as the SSAO and LOXL2 inhibitor programs. ”
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