PharmaxisLimited
(ASX:PXS) shares surged 54 per cent in opening trade today, after European regulators not only reversed a negative ruling on its cystic fibrosis drug Bronchitol, they also recommended its use.
The regulators' previous ruling had triggered a more than 60 per cent slide in Pharmaxis shares.
Chief executive Alan Robertson said the decision is a milestone, and the drug is now set to be available in the 27 countries of the European Union. The marketing authorisation of the drug is expected to start in January.
Pharmaxis reported a net loss of $45.7 million for the six months to June.
