Pharmaxis Ltd's (ASX:PXS) (FRA:UUD) Gary Phillips speaks to Proactive's Andrew Scott following news this morning of a A$4.4mln capital raise in a placement to institutional investors.
He says the funds raised will be used to strengthen the Pharmaxis balance sheet as they conduct a phase 1/2 study in myelofibrosis with its lead drug PXS‐5505 that is already recruiting as well as a phase 1c study in patients with problematic skin scarring with its topical drug PXS‐6302. Phillips also details the sale of the distribution rights in Russia for its cystic fibrosis product Bronchitol®.