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Clinical stage drug developer Pharmaxis (ASX: PXS) announced it has now received US$5.0 million (A$ 7.0 million net of applicable withholding taxes) from Aptar Pharma following the exercise of its options to acquire the Pharmaxis Orbital technology as announced on 4 August 2022.

Pharmaxis reported cash funds of A$9 million at 30 June 2022 in its quarterly shareholder update and its expectation of receiving $5 million from its 2022 R&D tax incentive later in the year. The receipt from Aptar increases the Pharmaxis proforma cash balance at 30 June 2022 to A$21 million.

Pharmaceutical research company Pharmaxis (ASX: PXS) today announced that its long serving non-executive director Will Delaat AM has resigned from the Board due to ill health.

Mr Delaat’s resignation, effective from 4 August marks the end of his significant contribution to the evolution of the Pharmaxis business. He joined the Board in June 2008 and has served as a non-executive director over a period of substantial change which has seen Pharmaxis repositioned as a clinical stage drug development company, building its platform of drugs for inflammatory and fibrotic diseases. He has served on the Remuneration and Nomination Committees and as Chair of the Audit and Risk Committee.

• Drug delivery leader Aptar Pharma exercises option for a worldwide license to the “Orbital” technology for $US2.5m and a subsequent option for an outright purchase of the technology for a further US$2.5 million.
• Aptar Pharma’s decision supported by the potential for safe and convenient administration of high dose treatments to the lungs
• Pharmaxis retains rights to inhaled mannitol products delivered via the Orbital inhaler