Join our daily newsletter At The Bell to receive exclusive market insights
- Clinical stage drug development company Pharmaxis (PXS) has opened a $2 million share purchase plan (SPP) today after raising $7.2 million through a placement
- The money will fund phase two trials using PXS-5505 to treat bone marrow and liver cancer
- Pharmaxis is also progressing the PXS-6302 topical drug to phase 1C trial, which may improve the function and appearance of scarring
- Shares in Pharmaxis closed at 10.5 cents today, the same price as the placement and SPP
Clinical stage drug development company Pharmaxis (PXS) has opened a $2 million share purchase plan (SPP) in the wake of raising $7.2 million through a placement.
The money will fund phase two trials: One using PXS-5505 to treat bone marrow cancer, the other using the same drug to treat liver cancer as a first-line treatment used in tandom with chemotherapy.
Pharmaxis CEO Gary Phillips said the placement was well supported and the SPP opens today.
“We hope there’ll be demand there to fill up the target of $2 million and that, together with the Placement, gives us the cash balance to make sure we can deliver both clinical trial results by the end of next year,” Mr Phillips said.
Pharmaxis is also progressing the PXS-6302 topical drug through to phase 1C trial.
It has the potential to improve the function and appearance of scarring.
Shares in the SPP will be issued at 10.5 cents each, in line with the placement, which represents a 12.4 per cent discount to the volume weighted average price of 11.98 cents on Friday, November 12.
Shares were trading on market at the same 10.5 cents at the close of today’s session.
