Pharmaxis to cut jobs, spending

Company News

Pharmaxis Limited (ASX:PXS) says it will slash costs and focus on partnering strategies after completing a business review.
 
The pharmaceutical company says it will cut expenditure by almost 30 per cent, including extensive job losses and consolidation of manufacturing facilities.
 
Phamaxis says it has also begun talks with a number of third parties to secure funding for all or some of the company’s pipeline of early stage compounds.
 
The company plans to seek partnership opportunities for Bronchitol in the US while retaining a direct commercial interest in Bronchitol Europe.
 
CEO Gary Phillips says the strategy is aimed at mitigating some of the risks associated with drug development in the short term while focusing on long term returns.
 
Pharmaxis posted a net loss of $20.7 million in the first half of the current financial year.