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- Pharmaceutical research company Pharmaxis (PXS) has entered a trading halt as it plans an upcoming capital raise
- It is currently unknown how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Thursday, April 15, or when more details about the raise are released to the market
- Earlier this year, the company exported the first shipment of its locally developed and manufactured drug, Bronchitol, to Georgia in the U.S.
- Pharmaxis last traded at 7.9 cents per share on April 12
Pharmaxis (PXS) has entered a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Thursday, April 15, or when more details about the placement are released to the market.
Pharmaxis is an Australian pharmaceutical research company that is focussed on developing drugs for inflammatory and fibrotic diseases.
Earlier this year, the company exported the first shipment of its locally developed and manufactured drug, Bronchitol, to Georgia in the U.S.
The Bronchitol treatment has been approved in the U.S. and Australia for adults and children suffering with cystic fibrosis.
Just last month, Pharmaxis partner Chiesi launched Bronchitol in the United States.
“We expect Bronchitol sales in the U.S. to contribute strongly to the product’s global sales and profit growth, making the Pharmaxis mannitol respiratory business cash flow positive from FY 2021,” CEO Gary Philips said in March.
Cystic fibrosis is a debilitating genetic disease that causes progressive damage to the lungs and other organs.
On the market, Pharmaxis last traded at 7.9 cents per share on April 12.
