Type of information: Financing round
Company: Pharmaxis (Australia)
Investors: Arix Bioscience (UK) BVF Partners (USA - CA) other existing shareholders
Amount: A$24 million (£13.4 million - €15.35 million)
Funding type: financing round
- Pharmaxis is an Australian pharmaceutical research company focused on inflammation and fibrosis with a portfolio of products at various stages of development and approval. Bronchitol® for cystic fibrosis is marketed in Europe, Russia and Australia. Aridol® for the assessment of asthma is sold in Europe, Australia and Asia. Its development pipeline is centred on its expertise in amine oxidase chemistry and includes a series of Lysyl Oxidase type 2 (LOXL2) Inhibitors. The net proceeds of the placing will be used to further develop this LOXL2 Inhibitors programme for the treatment of a range of fibrotic diseases, including Non-alcoholic Steatohepatitis (NASH), IPF, heart and kidney fibrosis.
- A first molecule produced by Pharmaxis' drug discovery platform was sold to Boehringer Ingelheim in 2015 and is currently in phase 2 trials for NASH and dabetic retinopathy. The company has two more programmes that are rapidly moving towards the clinic. The first stage of phase 1 studies has demonstrated a best in class profile for LOXL-2 inhibitors with two compounds achieving significant and long-lasting inhibition of LOXL-2 enzyme after a single oral dose. The final stages of the phase 1 studies and phase 2 enabling toxicity studies are expected to be completed in the third quarter of 2018.
- • On August 6, 2018, Arix Bioscience, a global healthcare and life science company supporting medical innovation, announced that it has acquired an 11 per cent interest in Pharmaxis , an Australian pharmaceutical research company focused on inflammation and fibrosis with a portfolio of products at various stages of development and approval.
- The A$24 million (£13.4 million) primary placing was led by Arix Bioscience and included participation from existing investors BVF Partners, and supported by other existing shareholders.
- Arix Bioscience has invested A$14.2 million (£8.0 million) in a two tranche placement, and following shareholder approval of the second tranche, Arix will hold approximately 11 per cent of the total outstanding shares of Pharmaxis. The Pharmaxis Board has approved the nomination of Arix’s Edward Rayner to join the Board at the EGM in September 2018.
Therapeutic area: Fibrotic diseases - Inflammatory diseases