PMXSF - Pharmaxis to focus on clinical-stage drug development

(NewsDirect)

Pharmaxis Ltd(ASX:PXS, OTC:PMXSF) CEO Gary Phillips tells Proactive the company isset to undergo a restructure to refocus on developing drugs to treatblood-related cancers. This involves the creation of clinical stagedrug development company, Syntara and the sale of its mannitolrespiratory business unit, along with changes to the company’s boardof directors. The move, which will see the company primarily focus onclinical development, will result in a significant reduction in annualcosts — core expenses are expected to drop by more than 60%, savingthe company more than $14 million per year. The company has fiveplanned clinical studies to deliver results in high unmet needdiseases by mid-2025.

Phillips said: “Over the last few years Pharmaxis has built acommanding position in lysyl oxidase biology and chemistry research.We have collaborated with leading clinicians and scientists worldwideand forged through the early stage studies that have given us aclinical pipeline with great potential and resulted in multiple Nature publications.

“Building on this heritage and the proven capability of ourdiscovery and development teams, the restructure announced today andthe creation of Syntara enables us to focus and accelerate ourclinical development program“

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Proactive Investors

JonathanJackson

+61 413 713 744

jonathan@proactiveinvestors.com

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