Pharmaxis Announces Outcome of Business Review
Release Date: 28/05/2013 12:00am
Pharmaceutical company Pharmaxis (ASX:PXS) today announced a revised business plan that delivers significant reductions in expenses and increases the focus on partnering strategies to grow the value of the Company’s assets and reposition it for the future in the global respiratory drug market.
Pharmaxis will reduce the Company’s March 2013 annualised cash cost base by approximately 29% and the annualised cash loss by approximately 37%. This includes extensive staff reductions and consolidation of manufacturing facilities with some cost cutting measures already being implemented.
The Company will seek partnership opportunities for Bronchitol in the US for cystic fibrosis (CF) and globally for bronchiectasis while retaining a direct commercial interest in Bronchitol in Europe and other approved and reimbursed markets.
In addition, Pharmaxis has initiated discussions with various third parties to secure funding for all or some of the Company’s innovative pipeline of early stage compounds.
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