Pharmaxis Drug Discovery Set to Generate Further Euro 10m Milestone in 2017 as Boehringer Confirms Second Clinical Study
Release Date: 15/05/2017 8:30am
Pharmaxis today announced positive updated information on Boehringer Ingelheim’s clinical development plans for the Pharmaxis drug discovery asset PXS-4728A. In addition to a phase 2 trial in NASH that is scheduled to start mid-year, Boehringer has confirmed that a phase 2 study for a second disease indication will commence this year. Pharmaxis is due to receive milestone payments of €18m for the start of a phase 2 trial in NASH and €10m for the second indication.
Boehringer acquired PXS-4728A from Pharmaxis in May 2015 with initial clinical development focused on finding a treatment for NASH (Non-alcoholic Steatohepatitis), a debilitating liver disease.
Pharmaxis CEO Mr Gary Phillips said, “PXS-4728A is an anti-inflammatory drug with excellent preclinical data in several disease models. We are delighted to see Boehringer looking to exploit that potential and commence clinical development in a fresh indication in the second half of this year. The structure of the deal with Boehringer anticipated its potential in more than one disease and the €10m we expect for the second indication would bring total expected milestones received for starting phase 2 trials in two diseases to approximately A$42m in this calendar year. This is an important signal about Boehringer’s confidence in the potential of PXS-4728A to help patients.”
Mr Phillips added, “This significant injection of cash into the Pharmaxis business will allow us to strengthen our drug development pipeline in fibrosis and inflammation and add further scientific expertise. We aim to continue to build a company with the capability to translate and commercialise early stage research into assets with world class data sets that are highly valued by large Pharma companies seeking partnerships.”
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