Pharmaceutical development Pharmaxis Limited (ASX:PXS) has been granted a trading halt this morning by the ASX, with its shares placed in pre-open.
The company is very well-funded with $43.7 million at the end of the March 2014 quarter.
Recently the company's product for cystic fibrosis, Bronchitol, was shortlisted for the prestigious UK Prix Galien Orphan Drug Award.
Prix Galien is an internationally-recognised award, providing global recognition for the technical, scientific and clinical research skills necessary to develop innovative medicines.
Pharmax is requested the halt pending receipt by the company of communication from its financier, NovaQuest Pharma Opportunities Fund III.
The halt will remain in place until the opening of trade on Tuesday 8th July 2014, or earlier if an announcement is made to the market.
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