Emerald Financial Research Note Update – Pharmaxis Ltd

The Advisors at Emerald Financial recently released an updated Buy report on Pharmaxis Ltd (ASX: PXS).

Pharmaxis is set to embark on what will be the busiest and most exciting 2-3 years in the Company’s history with years of drug discovery R&D having led to their upcoming Phase 2 trials of hero drug PXS-5505.

Key Highlights include:

• Strong cash balance with $25m on hand (FY21 net loss of $2.9m);
• Lead asset, oncology drug PXS-5505 has passed Phase 1c trials in myelofibrosis patients – PXS-5505 proved to be safe across increasing dose levels with the highest dose giving >90% enzyme inhibition and no side effects;
• PXS-5505 commenced Phase 2 trials for myelofibrosis patients, targeting an addressable market conservatively estimated to be worth USD $1 billion per year;
• Mannitol business unit on track to be cash flow positive in FY22 following FDA approval of Bronchitol in October 2020 and US commercial launch in March 2021;
• Respiratory business sales strong, generating $3.27m revenue in Q1
  FY22;
• Further revenue opportunities from appointment of new regional distribution licences of Aridol and Bronchitol to streamline operations
  further and reduce costs;
• PXS-5505 cleared to progress to Phase 2 trials in liver cancer with trials approved by the FDA to be conducted as an investigator-led study at the University of Rochester;
• Phase 1 trials successfully completed for anti scarring drug, PXS6302 led by Professor Fiona Wood.

…

This is only a brief excerpt of the report. To download it in full, simply register for free in the form provided.