Pharmaxis $14m from BI

SYDNEY-BASED research pharmaceutical company Pharmaxis has announced that Boehringer Ingelheim (BI) is injecting more funds into the development of Pharmaxis drug development asset PXS-4728A.

In addition to a phase 2 trial in Non-Alcoholic SteatoHepatitis (NASH) that is scheduled to start mid-year, BI has confirmed that a phase 2 trial for a second indication will also commence during 2017.

As a result, Pharmaxis will receive its anticipated milestone payment of €18 million for the start of the NASH trial but in addition, a further €10 million (A$14 million) for the second indication.

Pharmaxis ceo Gary Phillips said, “PXS-4728A is an anti-inflammatory drug with excellent preclinical data in several disease models.

“We are delighted to see Boehringer looking to exploit that potential and commence clinical development in a fresh indication in the second half of this year.

“The structure of the deal with Boehringer anticipated its potential in more than one disease and the €10 million we expect for the second indication would bring total expected milestones received for starting phase 2 trials in two diseases to approximately A$42 million in this calendar year.

“This is an important signal about Boehringer confidence in the potential of PXS-4728A to help patients.”

Further developments in the treatments of fibrosis and inflammation are planned with the injection of these additional funds so that the company can build capabilities to translate and commercialise early stage research assets into products highly valued by large pharma companies seeking partnerships, he added.

BI’s responsibilities under the agreement include all development, regulatory, manufacturing and commercialisation activities around PXS-4728A, Phillips said.