Ex-Novartis CEO joins Pharmaxis

Newly-listed company Pharmaxis (ASX:PXS) has appointed ex-Novartis Australia CEO Gary Phillips as commercial director to look after sales and marketing efforts as the company prepares to complete clinical trials and roll out its first product.

Phase III clinical trials on the company's first product Aridol, a lung function test based on an inhaled powder, are expected to be complete by the middle of next year, Robertson said. Initially registration will be sought for the product in Australia and Europe.

"That will be our first foray, and we'll tackle the US after that," said CEO Alan Robertson. "Gary will be in charge of making sure we have our business strategy ready to go."

"We're looking forward to him joining us -- he will be an excellent addition to the team."

Pharmaxis' other lead product Bronchitol, which is currently in Phase II clinical trials for treatment of cystic fibrosis and chronic obstructive pulmonary disease, is likely to move into Phase III by the end of 2004.

"The regulatory approval path for Bronchitol is a lot more interesting and challenging than for Aridol," said Robertson.

Pharmaxis has had a rough introduction to the public market, with its share price languishing well below the offer price, closing yesterday at AUD$0.43. But Robertson said the company was happy to just get on with the job at hand.

"It highlights the uncertainty [in the market] out there," he said. "If the market still doesn't understand us in 12 months' time, then I'll be concerned."