Pharmaxis Business Plan Resourced to Complete Partnering and Clinical Development Milestones
Release Date: 18/12/2019 8:37am
Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) today provided an update on its business plan following a decision by Boehringer Ingelheim (BI) not to progress studies of the AOC3 inhibitor acquired from Pharmaxis in 2015 for the treatment of NASH.
A second study of the drug in diabetic retinopathy with associated milestone payments will continue with future development to be decided by BI following completion of the current phase 2a study due to report 2H 2020.
Pharmaxis closed the September quarter with $23 million cash, and in October received its 2019 R&D tax incentive of $6.2 million. In addition, Pharmaxis anticipates receipt of a US$10 million milestone payment for Bronchitol® from its US licensee Chiesi in Q3 2020 subject to FDA approval midyear.
The company’s drug development pipeline includes two drug projects that can be brought to significant valuation points with the current cash position:
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