Pharmaxis Ltd (ASX:PXS, OTC:PMXSF) CEO Gary Phillips tells Proactive the company is set to undergo a restructure to refocus on developing drugs to treat blood-related cancers. This involves the creation of clinical stage drug development company, Syntara and the sale of its mannitol respiratory business unit, along with changes to the company’s board of directors. The move, which will see the company primarily focus on clinical development, will result in a significant reduction in annual costs — core expenses are expected to drop by more than 60%, saving the company more than $14 million per year. The company has five planned clinical studies to deliver results in high unmet need diseases by mid-2025.
Pharmaxis to focus on clinical-stage drug development
