Pharmaxis Ltd (ASX:PXS, OTC:PMXSF) CEO Gary Phillips tells Proactive the company is set to undergo a restructure to refocus on developing drugs to treat blood-related cancers. This involves the creation of clinical stage drug development company, Syntara and the sale of its mannitol respiratory business unit, along with changes to the company’s board of directors. The move, which will see the company primarily focus on clinical development, will result in a significant reduction in annual costs — core expenses are expected to drop by more than 60%, saving the company more than $14 million per year. The company has five planned clinical studies to deliver results in high unmet need diseases by mid-2025.
Phillips said: “Over the last few years Pharmaxis has built a commanding position in lysyl oxidase biology and chemistry research. We have collaborated with leading clinicians and scientists worldwide and forged through the early stage studies that have given us a clinical pipeline with great potential and resulted in multiple Nature publications.
“Building on this heritage and the proven capability of our discovery and development teams, the restructure announced today and the creation of Syntara enables us to focus and accelerate our clinical development program“
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