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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

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%.