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 Announces Major Company Restructure – Sale of Mannitol Business and Creation of Syntara; a Clinical-Stage Drug Development Company
Pharmaxis Ltd (ASX: PXS) has announced details of the sale of the mannitol respiratory business which manufactures and supplies Aridol and Bronchitol to global markets and the formation of Syntara, a clinical stage drug development company primarily focusing on treatments for haematological malignancies (blood related cancers).
Key restructure features:
- Sale of mannitol respiratory business to pharmaceutical manufacturing specialist, Arna Pharma
- Pharmaxis to be renamed Syntara1
- Residual net exit costs of less than A$1m with Syntara to receive product royalties from Arna Pharma
- Significant reduction in cost base: core expenses to be reduced by over 60% saving the company over A$14m per year
- Syntara1 to primarily focus on clinical development.
- Five planned clinical studies to deliver results in high unmet need diseases by mid-2025.
Lead drug candidate PXS-5505 to commence FDA agreed phase 2 trial in myelofibrosis in current quarter, Q4 2023Read full media release - pdf