Specialty pharmaceutical company Pharmaxis Ltd (ASX:PXS) has reported a loss of $21.5 million for the half year on the back of a heavy decline in revenue.
The company saw its revenue plummet 42% to $2.284 billion for the six months to December 31, 2009.
However the company recorded a 14.5% increase in revenue from the sale of goods to $354,000, attributing the decline in overall revenue to other income like the interest earned.
Research and development expenses rose by around $3.7 million in the first half of fiscal 2010 compared to the first half of fiscal 2009.
The company's Aridol product is now being sold in 13 countries, with sales of the product up 15% for the half year.
Pharmaxis also continued the commissioning of its new manufacturing plant in readiness for the European launch of Bronchitol for cystic fibrosis.
Pharmaxis posted a loss of $35.17 million for fiscal 2009.