Pharmaxis to acquire Topigen Pharmaceuticals
Pharmaxis Limited (PXS) said it has signed an agreement to acquire Canadian based private biopharmaceutical company Topigen Pharmaceuticals Inc. The company said the transaction would enhance its respiratory drug development portfolio.
Pharmaxis said it would issue 3.2 million shares on closing of the transaction, with an additional 5 million shares to be issued subject to the achievement of certain preclinical and clinical milestones specified in the purchase agreement.
The company said Topigen’s lead drug candidate, TPI ASM8, is in Phase 2 clinical development for the management of moderate to severe asthma, while a second drug candidate, TPI 1100, is in preclinical development for Chronic Obstructive Pulmonary Disease.
Pharmaxis CEO, Alan Robertson, said the company had sought to expand its product pipeline and utilize its existing clinical development capacity with an additional Phase 2 product.
“The Topigen product, ASM8, is due to report the results of its Phase 2 dosing trial in the first half of this year,” Mr Robertson said.
“It has an attractive clinical profile and there remains a strong medical need for new products in the severe and specialist-treated asthma market.”
He added that Topigen would bring sufficient cash resources to complete the current Phase 2a study and the next clinical milestone.
Pharmaxis expects to close the acquisition within the next sixty days.
As at 1045 AEDT, Phamaxis shares were up 6c to $2.76.
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