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Pharmaxis Closes Share Purchase Plan
Date:11/18/2007

SYDNEY, Australia, Nov. 18 /Xinhua-PRNewswire-FirstCall/ -- Pharmaxis (ASX: PXS, Nasdaq: PXSL) today announced it had raised $11.7 million from its Share Purchase Plan which closed on 9 November 2007. Shareholders of the company were given the opportunity to purchase up to $5,000 worth of shares each at the $3.90 price paid by institutional investors in the recent placement.

A total of 2,496 shareholders participated in the plan under which the company will issue approximately 3 million new shares and receive cash of approximately $11.7 million.

Dr Alan Robertson, Chief Executive Officer of Pharmaxis said, "We are very encouraged with the level of support from our shareholders. Approximately half participated in the plan, and the average investment was over $4,600."

Shares will be issued today, 16th November 2007, and are expected to be listed on the Australian Securities Exchange on 19 November 2007. Holding statements will be posted on or about 19 November 2007.

About Pharmaxis

Pharmaxis (ACN 082 811 630) is a pharmaceutical company involved in the research, development and commercialization of therapeutic products for chronic respiratory and immune disorders. Its development pipeline of products include, Aridol for the management of asthma, Bronchitol for cystic fibrosis, bronchiectasis and chronic obstructive pulmonary disease (COPD) and PXS64 for the treatment of multiple sclerosis.

Founded in 1998, Pharmaxis is listed on the Australian Stock Exchange (symbol PXS), and on NASDAQ Global Market (symbol PXSL). The company is headquartered in Sydney at its TGA-approved manufacturing facilities. For more information about Pharmaxis, go to http://www.pharmaxis.com.au or contact Jane Sugden, Investor Relations +61 2 9454 7230.

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.

For more information, please contact:

Alan Robertson

Chief Executive Officer

Tel: +61-2-9454-7200

Email: alan.robertson@pharmaxis.com.au

RELEASED THROUGH:

United States:

Brandon Lewis

Trout Group

Tel: +1-646-378-2915

Email: blewis@troutgroup.com

Australia:

Felicity Moffatt

Tel: +61-418-677-701

Email: moffattf@healthpr.com


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SOURCE Pharmaxis Ltd
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