Pharmaxis Limited (ASX:PXS) says a Phase 3 clinical trial of respitatory drug Bronchitol has failed to meet its primary endpoint.
The trial failed to demonstrate a significant reduction in the rates of defined pulmonary exacerbations in patients suffering from the obstructive lung condition bronchiectasis.
The pharmaceutical company says the trial did however indicate an acceptable safety and efficience profile in the patient population, comprising 485 subjects over a 12 month period.
CEO Gary Phillips says on the back of the disappointing outcome Pharmaxis will not proceed with any regulatory submission for bronchiectasis.
Mr Phillips said Pharmaxis will explore options for advancing its clinical development program in bronchiectasis.
Pharmaxis reported a $20.7 million loss in the first half of fiscal 2013.