This strong financial position provides the company with certainty while it continues to extract value from its portfolio of developing drug assets.
The company’s goal is to identify unmet needs in human health, discover and develop new solutions and then sell those assets on to large pharma companies.
Pharmaxis demonstrated its capability in this area with the program it sold to Boehringer in 2015 which has potential to be worth up to $625 million.
The next potential payment milestone for Pharmaxis is the commencement of phase III trials by Boehringer which can unlock up to $94 million.
Growth in Europe for Bronchitol
As well as developing drugs and seeking partnerships, Pharmaxis has two respiratory products approved in various world markets that it manufactures at its facility in Australia.
Bronchitol for cystic fibrosis has been the subject of three large-scale clinical trials and is approved and marketed in Europe, Russia and Australia.
Aridol for the diagnosis and assessment of asthma is approved and marketed in Europe, Australia and Asia.
Notably, sales for Bronchitol in Western Europe during the March quarter were $963,000 compared to $887,000 in the March 2017 quarter and $587,000 in the December 2017 quarter.
Russia and US represent market growth opportunities for Pharmaxis.
LOXL2 inhibitor program receiving interest from large pharma
Pharmaxis’ anti fibrotic LOXL2 inhibitor program is reaching its conclusion and attracting strong interest from multiple potential large pharma partners.
Phase I clinical trials that commenced in the second half of 2017 have completed the single ascending dose stage and are proceeding into the final multiple ascending dose stages this quarter before reporting in the September quarter.
Three-month tox studies and the scale-up of manufacturing have commenced so that a potential partner will be able to commence phase II studies without delay.