Navigation Links
Pharmaxis Announces Placement of $47 Million and Share Purchase Plan

SYDNEY, June 3 /PRNewswire-Asia/ -- Pharmaxis (ASX: PXS, Nasdaq: PXSL) today announced that it had raised A$47 million through a placement to Australian and international institutions and professional investors. The placement strengthens the company's balance sheet as Pharmaxis moves toward the European and U.S. commercial launch of its product Bronchitol for cystic fibrosis.

Pharmaxis will issue 20 million new fully paid ordinary shares at A$2.35 per share, a 10.6% discount to Pharmaxis' last closing price on 1 June 2009 and an 8.5% discount to the volume weighted average share price over the past 30 days. The shares to be issued will rank equally with existing ordinary shares in the capital of the company.

The placement has been managed by Wilson HTM Corporate Finance Limited and closed oversubscribed. Settlement of the placement is scheduled to take place on 10 June 2009.

A share purchase plan will be offered to all Australian and New Zealand shareholders who hold shares as at 7.00pm on 1 June 2009 and will afford the opportunity to purchase up to $5,000 worth of fully paid ordinary shares at the placement price of A$2.35, without brokerage or transaction costs. The share purchase plan offer opens on 10 June and closes on 24 June 2009. The share purchase plan will be capped at A$10 million.

"The proceeds from this offering are principally to be used for the commercial launch of Bronchitol for cystic fibrosis in both Europe and the U.S. This placement means Pharmaxis can take an important additional step in building a profitable, international, pharmaceutical business. We are very pleased with the support from the participating institutions and look forward to bringing Bronchitol to the world," said Pharmaxis Chief Executive Officer Dr Alan Robertson.

Forward-Looking Statements

The statements contained in this media release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this media release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the potential for Aridol and/or Bronchitol. All forward-looking statements included in this media release are based upon information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statement as a result of new information, future events or otherwise. We can not guarantee that any product candidate will receive FDA or other regulatory approval or that we will seek any such approval. Factors that could cause or contribute to such differences include, but are not limited to, factors discussed in the "Risk Factors and Other Uncertainties" section of our Form 20-F lodged with the U.S. Securities and Exchange Commission.


     Alan Robertson - Chief Executive Officer
     Tel:   +61-2-9454-7200


     Felicity Moffatt
     Tel:   +61-418-677-701

    United States:
     Brandon Lewis, Trout Group
     Tel:   +1-646-378-2915

SOURCE Pharmaxis Ltd
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. New Pharmaxis Board Appointment
2. Pharmaxis Investor Conference Call
3. Pharmaxis Appoints French Distributor for Aridol(TM)
4. Pharmaxis Builds Senior Management Team
5. Pharmaxis Investor Conference Call
6. Pharmaxis Aridol Approved for Sale in Switzerland
7. Pharmaxis Investor Conference Call
8. Pharmaxis Research Programs Highlighted at European Respiratory Society Congress
9. New Pharmaxis Board Appointment
10. Pharmaxis Aridol Authorised for Sale in Germany
11. Pharmaxis First Steps into China
Post Your Comments:
(Date:6/27/2016)... ... June 27, 2016 , ... Parallel 6 , the leading software as ... Clinical Reach Virtual Patient Encounter CONSULT module which enables both audio and video ... trial team. , Using the CONSULT module, patients and physicians can schedule a face ...
(Date:6/27/2016)... , June 27, 2016   Ginkgo Bioworks ... to industrial engineering, was today awarded as one ... selection of the world,s most innovative companies. Ginkgo ... scale for the real world in the nutrition, ... engineers work directly with customers including Fortune 500 ...
(Date:6/24/2016)... ... ... Researchers at the Universita Politecnica delle Marche in Ancona combed medical journal ... Their findings are the subject of a new article on the Surviving Mesothelioma website. ... the blood, lung fluid or tissue of mesothelioma patients that can help point doctors ...
(Date:6/23/2016)... - FACIT has announced the creation of a ... Propellon Therapeutics Inc. ("Propellon" or "the Company"), to ... of first-in-class WDR5 inhibitors for the treatment of ... an exciting class of therapies, possessing the potential ... patients. Substantial advances have been achieved with the ...
Breaking Biology Technology:
(Date:4/26/2016)... and LONDON , ... Finacle, part of EdgeVerve Systems, a product subsidiary ... Onegini today announced a partnership to integrate the ...      (Logo: ) ... provide their customers enhanced security to access and ...
(Date:4/15/2016)... , April 15, 2016  A new partnership ... more accurate underwriting decisions in a fraction of ... competitively priced and high-value life insurance policies to ... With Force Diagnostics, rapid testing (A1C, ... data readings (blood pressure, weight, pulse, BMI, and ...
(Date:4/13/2016)... April 13, 2016  IMPOWER physicians supporting Medicaid patients ... a new clinical standard in telehealth thanks to a ... the higi platform, IMPOWER patients can routinely track key ... body mass index, and, when they opt in, share ... visit to a local retail location at no cost. ...
Breaking Biology News(10 mins):