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For the latest media releases and news about Pharmaxis Ltd, please select from the following articles. Material news announcements made by Pharmaxis are first filed with the Australian Securities Exchange (ASX) and are also available on the ASX website.
Pharmaxis Receives $6.2m R&D Tax Incentive as it Advances Drug Candidates into Clinical Development
Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) has received a $6.2 million R&D tax incentive in relation to the 2019 financial year. The receipt of this incentive adds to the Company’s cash funds, which were $31 million at 30 June 2019.
The 2019 incentive effectively reduces Pharmaxis 2019 expenditure on research and development by more than 40%.
Pharmaxis CEO Gary Phillips said, “The R&D tax incentive provides significant leverage to the Pharmaxis research team’s development of new drugs for inflammation and fibrotic diseases. The Pharmaxis research team has taken four in-house compounds to Phase 1 trials in just five years and in the 2019 year alone completed phase 1 trials in two LOXL2 inhibitors, commenced phase 1 trials in a systemic LOX inhibitor compound and advanced a topical LOX inhibitor through preclinical development.”
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