Pharmaxis Limited (ASX:PXS) substantial shareholder BVF Partners has further increased its stake in the company up to 11.98% from 9.54%.
Signalling their continued interest in the company, BVF acquired more than 7.7 million shares through on market purchases from 18th June to 29th June.
BVF has gradually increased its interest in the company since acquiring an initial substantial shareholding on 1st June 2015.
The company had a proforma cash position at 31 March 15 of A$62 million, comprising cash in bank of A$23 million plus the Boehringer initial payment of A$39 million - which was received in May.
In May, Pharmaxis closed an agreement for Boehringer Ingelheim, one of the world's 20 leading pharmaceutical companies, to acquire its phase 1 anti-inflammatory drug candidate for 27.5 million euros (A$39 million).
This could be worth up to A$750 million in tiered and milestone payments, recognising the company’s global drug discovery strengths.
Pharmaxis key product is Bronchitol, a drug designed to reduce the amount of mucus build-up in the lungs of patients suffering from chronic respiratory conditions.
It was developed primarily for the treatment of cystic fibrosis.
In the U.S., there is US$25 million in total milestones payable to the company on launch and on achievement of sales milestones.
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