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.

3rd Oct 23

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 2023

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29th Aug 23

Pharmaxis Cancer Drug Shows Increased Survival in Preclinical Models of Aggressive Pancreatic Cancer

Clinical stage drug development company Pharmaxis Ltd (ASX: PXS) today announced publication in the prestigious journal Nature Cancer of preclinical results showing pan-Lysyl Oxidase (pan-LOX) inhibitor PXS-5505 increases survival by 35% compared to chemotherapy treatment alone in the treatment of pancreatic ductal adenocarcinomas.

Research in mouse models, led by a team at the Garvan Institute of Medical Research in Sydney, Australia, also showed PXS-5505 combined with chemotherapy reduced the spread of the cancer to other organs such as the liver by 45%.

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8th Aug 23

Pharmaxis to Receive up to $4.4 Million Prepayment of its Expected 2023 R&D Tax Incentive Claim

Pharmaxis Ltd (ASX: PXS) today announced it had executed a $4.4 million loan facility agreement with a fund managed by Paddington Street Finance to provide advanced access to a substantial part of the Company’s 2023 anticipated research and development tax incentive.

The Paddington Street Finance loan provides up to 85% of the Company’s anticipated 2023 R&D tax incentive of $5.2 million. The loan is to be repaid by the earlier of 31 December 2023 or receipt of the tax incentive payment which is expected before the end of 2023. The loan is secured by way of security over substantially all the assets of Pharmaxis. Funds borrowed will be used for general working capital purposes, including to advance the Company’s clinical stage development pipeline.

Pharmaxis CEO Mr Gary Phillips commented; “We are pleased to obtain this short term loan with Paddington Street Finance. It provides Pharmaxis with timely access to its 2023 R&D tax incentive by way of a facility that is a common feature of research based companies in Australia.” 

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