Pharmaxis Receives $5m R&D Tax Incentive as Work Progresses on Myelofibrosis Treatment

14th Oct 20

Release Date: 14/10/2020 10:00am

Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) has received a R&D tax incentive of $5,048,452 in relation to the 2020 financial year. The receipt of this incentive adds to the Company’s cash funds, which were $15 million at 30 June 2020. 

Pharmaxis CEO Gary Phillips said, “The R&D tax incentive is a significant source of non-dilutive funding for the Company’s development of new drugs, providing a 43.5% cash payment in relation to eligible research expenditure. Pharmaxis’ current drug development focus is the commencement of a phase 1/2 clinical trial of its pan-LOX inhibitor PXS-5505 in myelofibrosis which was recently given permission to proceed by the US Food and Drug Administration (FDA) under its Investigational New Drug program. PXS-5055 has also been granted orphan drug designation by the FDA for the treatment of myelofibrosis.”

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