Pharmaxis revenue down, R&D up
February 4, 2010
Pharmaxis Limited (PXS) revenue fell 42% to $2.2 million in the six months to 31 December 2009, sending their net profit down 40% to a loss $21.5 million. However, the pharmaceutical company, which is developing a treatment for cystic fibrosis, reported a 14.5% increase in revenue from the sales of goods, to $354,000, with the decline attributed to a loss of other income, including from interest earned.
The company recently reported the completion of enrolment of the group’s second global Phase III trial of its flagship Bronchitol product with licenses now being applied for in Europe and Australia.
Meanwhile, research & development expenses increased by around $3.7 million in the first half of fiscal 2010 compared to the first half of fiscal 2009.
However, the financial backbone of the company is its Aridol product, an airway inflammation test useful for asthma sufferers.
Ariodal is now being sold in 13 countries, Pharmaxis noted.
The company also continued its commissioning of its new manufacturing plant in readiness for the European launch of Bronchitol, with the facility expected to be completed by the second quarter of 2010.
The company noted net tangible assets per share had stayed steady from a year ago, at 53c per share.
At the close Thursday, Pharmaxis shares were trading at $2.53 each.
The company recently reported the completion of enrolment of the group’s second global Phase III trial of its flagship Bronchitol product with licenses now being applied for in Europe and Australia.
Meanwhile, research & development expenses increased by around $3.7 million in the first half of fiscal 2010 compared to the first half of fiscal 2009.
However, the financial backbone of the company is its Aridol product, an airway inflammation test useful for asthma sufferers.
Ariodal is now being sold in 13 countries, Pharmaxis noted.
The company also continued its commissioning of its new manufacturing plant in readiness for the European launch of Bronchitol, with the facility expected to be completed by the second quarter of 2010.
The company noted net tangible assets per share had stayed steady from a year ago, at 53c per share.
At the close Thursday, Pharmaxis shares were trading at $2.53 each.
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