Date: 2015-05-19
Type of information: Restructuring
Compound:
Company: Pharmaxis (Australia)
Therapeutic area:
Type agreement: restructuring
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Disease:
Details: * On May 19, 2015, Pharmaxis announced its transition to a strategic business plan with an increased focus on innovation and partnering in order to generate value. The new direction follows the completion of two years of restructuring that included partnering the Pharmaxis lead product Bronchitol in major markets worldwide, cutting the company’s expense base and employee numbers and the sale of an early stage drug asset to Boehringer Ingelheim. The company has not withdrawn from a direct commercial presence in global markets and reduced its cash burn, in order to focus on earlier stage development projects such as the SSAO and LOXL2 inhibitor programs.
The key elements of the Pharmaxis business plan announced are:
- New strategic direction – to build a regional biotech centre of excellence in fibrosis and inflammation
- Multiple drugs from in?house amine oxidase platform developed to phase 1 or 2
- Collaborate where necessary to de?risk and accelerate internal and external programs
- Licence out to Big Pharma with attractive 1st in class drugs post phase 1 or 2
Short to mid?term opportunities include milestone payments from Boehringer as PXS4728A progresses, LOXL2 collaboration to phase 1 or 2 and subsequent partnering, 3 additional drug programs in the drug discovery pipeline and a stake in the US commercialisation of Bronchitol (funded by partner) and sales by distributors in the rest of the world.
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