Pharmaceutical company, Pharmaxis Ltd (ASX: PXS) has acquired Canadian based private biopharmaceutical company Topigen Pharmaceuticals Inc.
Pharmaxis will issue 3.2 million shares with an additional 5.0 million to be issued subject to the achievement of certain preclinical milestones.
The company says the acquisition will give Pharmaxis the required funds to complete the Phase 2a study which includes a development plan to treat severe and specialist –treated asthma.
The acquisition is expected to close in the next 60 days.
Pharmaxis Ltd reported a loss of 35.17 million for fiscal 2009
