Pharmaxis has announced details of the sale of its mannitol respiratory business which manufactures and supplies Aridol and Bronchitol to global markets and the formation of Syntara, a clinical stage drug development company primarily focusing on treatments for haematological malignancies (blood-related cancers).
In a major restructure the mannitol business will be sold to pharmaceutical manufacturing specialist, Arna Pharma with residual net exit costs of less than A$1m. and core expenses reduced by more than 60%, saving the company over A$14m per year.
Syntara will have five planned clinical studies to deliver results in high unmet need diseases by mid-2025. The new company name was approved by shareholders at the company AGM on 28 November.
Read more here.
Watch an interview with CEO Gary Phillips outlining the changes here.