Pharmaxis Receives US$7m Milestone from Chiesi following FDA Approval of Bronchitol
Release Date: 29/12/2020 10:45am
Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) has today received a US$7 million (~A$9.2 million) milestone payment from its US licensee Chiesi Farmaceutici S.p.A. (Chiesi) following the recent approval by the US Food Drug Administration of Bronchitol®(mannitol) for the treatment of cystic fibrosis.
A further US$3 million is payable by Chiesi on shipment by Pharmaxis of commercial launch stock, scheduled for the first quarter of 2021.
Pharmaxis reported cash funds of A$10 million at 30 September 2020 to which it has since added a R&D tax incentive of $5 million in October and this milestone of A$9 million.
On 2 November 2020 it was announced that the FDA had approved Bronchitol, the drug Pharmaxis developed, for the treatment of adult cystic fibrosis patients in the United States.
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