Pharmaxis to take anti-inflammatory to human trials

Pharmaxis (ASX:PXS) is ready to commence human trials of drug candidate PXS4728A in inflammatory diseases in the first quarter of 2015.

PXS4728A is an SSAO/VAP-1 inhibitor with applications in a number of inflammatory conditions. The SSAO/VAP-1 enzyme contributes to conditions such as atherosclerosis, liver and kidney inflammation.

Pharmaxis plans to focus the candidate’s clinical development on diseases with a high unmet clinical need, including non-alcoholic steatohepatitis (NASH) and chronic obstructive pulmonary disease (COPD).

According to Pharmaxis CEO Gary Phillips, the preclinical work performed on PXS4728A suggests that it “has all the characteristics of a successful once-a-day oral drug, [including] excellent efficacy in several in vivo inflammation models including liver diseases such as NASH”.

NASH can lead to fibrosis and cirrhosis of the liver. It affects an estimated 13 million people in the US and Europe alone, and there are currently no approved drugs for the disease.

Pharmaxis separately revealed that its revenue for the year ending in June grew 56% to $5 million, thanks in part to sales of its dry powder product Bronchitol in cystic fibrosis. Bronchitol is approved in Australia, Germany and the UK.

But the company’s net loss widened by 61% to $20.9 million, due in part to costs accrued related to the company’s financing agreement with NovaQuest Pharma Opportunities Fund III.

Pharmaxis took NovaQuest to court last month after the latter company backed out of its obligation to provide an additional US$20 million in financing.

Pharmaxis (ASX:PXS) shares were trading unchanged at $0.054 as of around 2 pm on Tuesday