Pharmaxis Announces Major Company Restructure – Sale of Mannitol Business and Creation of Syntara; a Clinical-Stage Drug Development Company
Release Date: 03/10/2023 9:05am
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.
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