Pharmaxis' Bronchitol Clinical Trial Application Accepted By China's SFDA For Evaluation - Update

(RTTNews) - Thursday evening, Australia based drug maker Pharmaxis (PXSL | news | PowerRating | PR Charts ) announced that China's State Food and Drug Administration or SFDA has accepted for evaluation, a clinical trial application for Bronchitol. The inhalator drug is being studied for the treatment of bronchiectasis, a disease that develops mucus in the lungs.

The company stated that the number of Chinese who suffer from this lung disease are more than double than the rest of the world, in view of which Pharmaxis expects the drug to be the first targeted medication for this patient group in over 20 years.

Alan Robertson, the chief executive officer of Pharmaxis, said that many Chinese physicians had already indicated readiness to conduct the trials. Robertson added that the general cost of conducting trials in China was considerably less than in other parts of the world.

The company expects approval of the clinical trial application in the fourth quarter of 2008.

PXSL closed Thursday's trade at $31.35, down $0.91 or 2.82%.

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