Pharmaxis Limited (ASX: PXS) will gain exposure to Poland and ten other Eastern European countries for its Bronchitol® cystic fibrosis drug, after appointing a Valeant Pharmaceuticals International (NYSE: VRX) subsidiary as distributor.
The subsidiary is the Switzerland based PharmaSwiss which already operates in 17 Central and Eastern European countries.
This move by Pharmaxis forms another part of the company's commercialisation strategy, which has seen Bronchitol made available in the UK, Germany, Austria and Denmark and with pricing discussions soon to complete in France.
The Polish market is important due to more than 6000 cystic fibrosis patients.
Bronchitol® is a precision spray‐dried form of mannitol, delivered to the lungs by a specially designed, portable inhaler.
The product is approved for marketing for cystic fibrosis patients aged over six years in Australia and for patients aged 18 years and over throughout the European Union.
Analysis
Pharmaxis had $73 million in cash at the end of the March 2013 quarter, and with around 309 million shares on issue and a last traded price of $0.20, the market cap. is $62 million.
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