Pharmaxis receives milestone payment from US partner

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Pharmaxis (ASX:PXS) has received a US$7 million (~A$9.2 million) milestone payment from its US licensee Chiesi Farmaceutici S.p.A. (Chiesi) following the recent approval by the US FDA of BRONCHITOL (mannitol) for the treatment of cystic fibrosis.

The FDA approved BRONCHITOL in November 2020. Pharmaxis has developed the therapy and it is manufactured at its Sydney-based facility.

The company said a further US$3 million is payable by Chiesi on the shipment by Pharmaxis of commercial launch stock. This is scheduled for the first quarter of 2021.

Pharmaxis said it reported cash funds of $10 million at the end of September 2020. This has subsequently been added to with an R&D Tax Incentive payment of $5 million and Chiesi's $9 million milestone payment.