Pharmaxis (ASX:PSX) - Chief Executive, Gary Phillips
Chief Executive, Gary Phillips
Source: Sydney Morning Herald
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  • Pharmaxis (PXS) has received a milestone US$7 million (roughly A$9.2 million) payment from U.S. pharmaceutical licensee, Chiesi Farmaceutici
  • The proceed was officially awarded today after PXS received United States Food and Drug Approval (FDA) for Bronchitol back in November
  • The ASX lister is also expecting a further US$3 million (about A$3.9 million) cash injection in early 2021 pending its shipment of commercial launch stock
  • Bronchitol can be utilised as add-on maintenance therapy to improve lung function in cystic fibrosis patients
  • A full U.S. product launch is expected in the second quarter of 2021
  • PXS shares are up a solid 5.75 per cent on the back of the news, trading at 9.2 cents each

Pharmaxis (PXS) has received a milestone US$7 million (roughly A$9.2 million) payment from U.S. pharmaceutical licensee, Chiesi Farmaceutici.

The payment was officially received by PXS today after it received United States Food and Drug Administration (FDA) for its cystic fibrosis treatment Bronchitol back in November.

The ASX-lister is also expecting a further US$3 million (about A$3.9 million) cash injection in early 2021 pending its shipment of commercial launch stock, with a full U.S. market launch is expected for the second quarter of next year.

According to a previous release by the company, it expects its mannitol business, comprising Bronchitol and Aridol, to be cash flow positive from the 2021 financial year.

The treatment is approved as an add-on maintenance therapy to improve lung function in cystic fibrosis patients. It works by rehydrating airway and lung surfaces to promote a productive cough.

PXS shares are up a solid 5.75 per cent on the back of the news, trading at 9.2 cents each at 9:35 AEDT.

PXS by the numbers
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