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Pharmaxis receives $5 million R&D tax incentive as it progresses myelofibrosis treatment

The company is focused on the phase 1/2 clinical trial of its pan-LOX inhibitor PXS-505 in myelofibrosis and will use the tax incentive to progress the drug’s development.

Pharmaxis Ltd - Pharmaxis receives $5 million R&D tax incentive as it progresses myelofibrosis treatment
Myelofibrosis is a disorder where normal bone marrow tissue is gradually replaced with a fibrous scar-like material

Pharmaxis Ltd (ASX:PXS) (OTCMKTS:PXSLY) (FRA:UUD) has received a research and development tax incentive of $5,048,452 for the 2020 financial year which will be used to fund the ongoing development of innovative medicines with high patient need.

Chief executive officer Gary Phillips said: “The R&D tax incentive is a significant source of non-dilutive funding for the company’s development of new drugs, providing a 43.5% cash payment in relation to eligible research expenditure.”

“Drug development focus”

Phillips said: “Pharmaxis’ current drug development focus is the commencement of a phase 1/2 clinical trial of its pan-LOX inhibitor PXS-505 in myelofibrosis which was recently given permission to proceed by the US Food and Drug Administration (FDA) under its investigational drug program.

“PXS-5505 has also been granted orphan drug designation by the FDA for the treatment of myelofibrosis.”

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ASX:PXS
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Market Cap: $35.72 m
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