The Pharmaceutical research company, Pharmaxis Limited (ASX: PXS) made an announcement on 17 January 2019 stating that it has received reports on all of the 13?week toxicity studies conducted for each of its two Lysyl Oxidase Like 2 (LOXL2) inhibitors. The company believes that its inhibitor program is now ready to enter phase 2 clinical studies. Following this news, the share price of the company increased by 8 percent on ASX as on 17 January 2019.
The results of the Phase 1 trial of the first inhibitor compound was announced in October 2018, followed by the positive results of the second inhibitor compound announced in November 2018. As per the trial results, both the compounds have demonstrated best in class target engagement from a once a day oral dose.
Now that the data package has completed, and the company is conducting a final series of scientific briefings to potential partners. As per Pharmaxis CEO Mr. Gary Phillips, the data package is of high quality, and it is testament to the expertise and experience of the Drug Discovery and Clinical Development teams of the company.
At the time of the announcement of second inhibitor compound results, Mr. Gary Phillips had stated that several large pharma companies are interested in the Pharmaxis program. With todays’ announcement, the company has provided latest study results to the large pharma companies who have been monitoring Pharmaxis’ progress. The company is now in the process of supporting these companies to complete their scientific due diligence.
In December 2018, the company resubmitted its Bronchitol New Drug Application with the United States FDA in response to the matters raised by the FDA in its Complete Response Letter issued in March 2013. It is expected that the FDA review process will take between six to twelve months.
In December, the company also announced the first sales of its asthma diagnostic Aridol® in the US, approval of which was received in August 2018 from the FDA.
In FY 2018, the company reported a profit of $6.4 million compared to the loss of $18.3 million in FY 2017. The basic and diluted net profit per share was $0.2 in FY 2018. As at 30 June 2018, the company had current assets of $35.98 million and current liabilities of $8.244 million. At the end of FY 2018, the company had cash and cash equivalent of $31.07 million.
Meanwhile, in the last six months, the share price of the company decreased by 20.63 percent as on 16 January 2019. PXS’s shares traded at $0.270 with a market capitalization of circa $98.57 million as on 17 January 2019.
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