On August 16, 2022 Clinical stage drug developer Pharmaxis (ASX: PXS) reported it has now received US$5.0 million (A$ 7.0 million net of applicable withholding taxes) from Aptar Pharma following the exercise of its options to acquire the Pharmaxis Orbital technology as announced on 4 August 2022 (Press release, Pharmaxis, AUG 16, 2022, View Source;utm_campaign=Pharmaxis%20Receives%20Aptar%20Option%20Exercise%20Fees%20of%20US5m&utm_content=Pharmaxis%20Receives%20Aptar%20Option%20Exercise%20Fees%20of%20US5m+CID_70028764d5327ddbe643c5eef231fc83&utm_source=Campaign%20Monitor&utm_term=View%20Full%20Media%20Release [SID1234618435]).
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Pharmaxis reported cash funds of A$9 million at 30 June 2022 in its quarterly shareholder update and its expectation of receiving $5 million from its 2022 R&D tax incentive later in the year. The receipt from Aptar increases the Pharmaxis proforma cash balance at 30 June 2022 to A$21 million.
Pharmaxis CEO Gary Phillips said, "Over the past two years the Pharmaxis team has generated a total of $25 million of non-dilutive cash from commercial agreements related to the mannitol business, $2.5 million in Government funding won in competitive grants and R&D tax credits of $10 million1. Funding our business in this manner has only been possible because of the inherent value in our exciting pipeline of small molecule drugs and the mannitol business.
"We continue to look for additional commercial opportunities to advance our pipeline and in the meantime our focus is on delivering data from the phase 1c/2 studies in myelofibrosis and established skin scarring by the end of the year."