Pharmaxis Limited (ASX: PXS) has received the top line results for its Phase III bronchiectasis clinical trial of Bronchitol® known as “B305”, which is a drug designed to reduce the amount of mucus build-up in the lungs of patients suffering from chronic respiratory conditions.
This morning the ASX has granted the company a trading halt and placed its shares in pre-open, to allow more time to review the results - as B305 is a large trial and the date requires detailed analysis.
Pharmaxis is developing Bronchitol for diseases including cystic fibrosis, bronchiectasis and chronic bronchitis.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 24th April 2013.
Financing
Earlier in the year Pharmaxis entered into a Financing Agreement with NovaQuest Pharma Opportunities Fund III, LP (NovaQuest) under which NovaQuest will invest up to US$40 million to support the continued development, manufacturing and commercialisation of Bronchitol for cystic fibrosis in the EU and US.
As consideration for its investment, NovaQuest will receive payments based upon the US and EU sales revenue of Bronchitol for cystic fibrosis for a term of eight years in the EU and seven years from the launch of Bronchitol in the US.
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