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Business Description: Pharmaxis Limited (PXS) is a specialty pharmaceutical company involved in the research, development and commercialisation of therapeutic products for chronic respiratory disorders. PXS has two approved products: Bronchitol for cystic fibrosis and Aridol diagnosis of asthma; two products in the clinic: Bronchitol for bronchiectasis and ASM8; and three products in development: PXS64, PXS4728 and LOXL2.
Strategy Analysis: PXS intends to build a fully integrated specialist pharmaceutical company in human therapeutic products for chronic respiratory and autoimmune diseases in multiple jurisdictions. The product pipeline comprises Aridol, a lung function test for asthmatics, and Bronchitol for cystic fibrosis, bronchiectasis and chronic bronchitis. Both of these products are in final preparation stage for launches (Bronchitol in EU and Aridol in USA). The Autoimmune pipeline is in early stages of development and includes PXS25 and PXS2030 for multiple sclerosis and PXS2076 for rheumatoid arthritis. PXS' strategy is to fund respiratory drug development to market rather than partner with a major pharmaceutical player.
Pharmaxis reported a net loss of $20.78m for the half-year ended 31 December 2012. Revenues from ordinary activities were $5.95m, up 77% from last year. Basic and Diluted EPS were (6.7) cents compared to (8.2) cents last year. The net operating cash outflow was $15.95m compared to an outflow of $19.08m in the pcp. No dividend was declared.
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