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Pharmaxis Ltd Announces Global Capital Raising
26 / 09 / 2005
SYDNEY, Australia - Pharmaxis Ltd (ASX: PXS, Nasdaq: PXSL) announced that it
had today filed a registration statement with the US Securities and Exchange
Commission for the sale of 21,000,000 ordinary shares in the form of 1,400,000
American Depositary Shares (ADSs) in a public offering to be led by CIBC World
Markets Corp. Each ADS equals 15 ordinary shares. Pharmaxis also announced
that it would conduct a simultaneous placement of up to 17,500,000 of its
ordinary shares to non US institutional, sophisticated and professional investors
to be managed by Wilson HTM Corporate Finance Ltd in Australia.
The price of ordinary shares will be the same in the US offering and Australian
placement and will be determined after the marketing of the offerings, based on
demand, current market prices and other related factors. The closings of the
offerings are not contingent upon one another.
The net proceeds of the offering will be used to fund:
o The clinical development of Bronchitol for cystic fibrosis
o Additional clinical trials in asthma and chronic obstructive pulmonary disease
o to broaden the commercial opportunity for Bronchitol and Aridol
o The international commercial launch of Aridol
o Clinical development for Bronchitol in patients with bronchiectasis and chronic bronchitis and the investigation of additional clinical opportunities for Bronchitol
o Further expansion of Pharmaxis' manufacturing facilities
o Further development of the preclinical pipeline
Under US law the US offering may be increased by up to 20%, or 4.2 million ordinary shares. The US registration also provides for the sale by certain funds managed by GBS Venture Partners of a total of 3.15 million ordinary shares in the form of 210,000 ADS in order to satisfy an option that may be exercised by CIBC World Markets Corp. to satisfy any over-allotments in the U.S. offering.
Pharmaxis has convened a general meeting of shareholders to seek approval for
the proposed offering. This meeting will be held on 28 October 2005. Subject to
shareholder approval and completion of the SEC review process, the offerings are
currently expected to be completed by November/December 2005.
About Pharmaxis
Pharmaxis (ACN 082 811 630) is a specialist pharmaceutical company
involved in the research, development and commercialization of therapeutic
products for chronic respiratory and autoimmune diseases. Its development
pipeline of products include AridolTM for the management of asthma,
BronchitolTM for cystic fibrosis and chronic obstructive pulmonary disease
(COPD) and PXS64 for the treatment of multiple sclerosis.
had today filed a registration statement with the US Securities and Exchange
Commission for the sale of 21,000,000 ordinary shares in the form of 1,400,000
American Depositary Shares (ADSs) in a public offering to be led by CIBC World
Markets Corp. Each ADS equals 15 ordinary shares. Pharmaxis also announced
that it would conduct a simultaneous placement of up to 17,500,000 of its
ordinary shares to non US institutional, sophisticated and professional investors
to be managed by Wilson HTM Corporate Finance Ltd in Australia.
The price of ordinary shares will be the same in the US offering and Australian
placement and will be determined after the marketing of the offerings, based on
demand, current market prices and other related factors. The closings of the
offerings are not contingent upon one another.
The net proceeds of the offering will be used to fund:
o The clinical development of Bronchitol for cystic fibrosis
o Additional clinical trials in asthma and chronic obstructive pulmonary disease
o to broaden the commercial opportunity for Bronchitol and Aridol
o The international commercial launch of Aridol
o Clinical development for Bronchitol in patients with bronchiectasis and chronic bronchitis and the investigation of additional clinical opportunities for Bronchitol
o Further expansion of Pharmaxis' manufacturing facilities
o Further development of the preclinical pipeline
Under US law the US offering may be increased by up to 20%, or 4.2 million ordinary shares. The US registration also provides for the sale by certain funds managed by GBS Venture Partners of a total of 3.15 million ordinary shares in the form of 210,000 ADS in order to satisfy an option that may be exercised by CIBC World Markets Corp. to satisfy any over-allotments in the U.S. offering.
Pharmaxis has convened a general meeting of shareholders to seek approval for
the proposed offering. This meeting will be held on 28 October 2005. Subject to
shareholder approval and completion of the SEC review process, the offerings are
currently expected to be completed by November/December 2005.
About Pharmaxis
Pharmaxis (ACN 082 811 630) is a specialist pharmaceutical company
involved in the research, development and commercialization of therapeutic
products for chronic respiratory and autoimmune diseases. Its development
pipeline of products include AridolTM for the management of asthma,
BronchitolTM for cystic fibrosis and chronic obstructive pulmonary disease
(COPD) and PXS64 for the treatment of multiple sclerosis.