Pharmaxis Ltd (ASX:PXS) shareholders have elected to appoint biotech investment specialist Edward Rayner as a non‐executive director of the company’s board.
Rayner is an investment director at Arix Bioscience Plc (LSE:ARIX), which will hold an 11% interest in Pharmaxis after the recently approved share placement is completed.
Before joining Arix, Rayner spent 18 years as an equity analyst and portfolio manager in Europe and Australia working for Alliance Bernstein, AMP Capital, UBS Asset Management and JP Morgan Investment Management.
READ: Pharmaxis gains Arix Bioscience Plc as a new substantial shareholder
Pharmaxis Chairman Malcolm McComas said: “We welcome Ed to the board as a non‐executive director.
“His global experience as a specialist biotech investor is very relevant to Pharmaxis as we continue to develop new partnerships and seek out investment opportunities where we can add value.
“With Ed based in London and fellow Board member Kathleen Metters in New York, our reach and networks are enhanced. We look forward to Ed’s contribution.”
Shareholders also approve placement
The extraordinary general meeting (EGM) held yesterday also ratified and approved shares issued in the recent $24 million two-tranche placement.
Notably, the placement price of 32.5 cents, represented a premium to the share price at the time of announcement.
Arix committed to invest $14.2 million in two tranches as part of the placement.
The funding will be used to advance Pharmaxis research into new treatments for a range of fibrotic diseases, including non-alcoholic steatohepatitis (NASH), idiopathic pulmonary fibrosis (IPF), heart and kidney fibrosis.