Pharmaxis drug development hits hurdle

Company News

Pharmaxis Limited (ASX:PXS) has received a negative recommendation from a committee advising the US Food and Drug Administration (FDA) on the use of Bronchitol. 
 
The pharmaceutical company’s CEO Dr Alan Robertson has conceded the vote is disappointing but says the recommendations on the FDA are not binding and Pharmaxis will continue the process to bring the product to American patients. 
 
Dr Robertson advises opportunities remain to discuss the issues raised by the committee before the FDA makes its final decision on March 18, 2013. 
 
Pharmaxius has also today announced a financing agreement under which NovaQuest will invest up to $US40 million to support the development of Bronchitol for cystic fibrosis in Europe and the US. 
 
Pharmaxis posted a net loss of $38.6 million in the 2012 financial year. 

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