Pharmaxis closes IPO oversubscribed

Sydney-based Pharmaxis closed its IPO yesterday, three days earlier than scheduled after strong demand from investors.

As a result of the early closing of the IPO, the scheduled listing date for Pharmaxis has been brought forward to November 10.

The offering, which was originally planned to raise $21 million at a price of AUD$0.50 per ordinary share, was oversubscribed by 8 million shares, raising an extra $4 million for the company.

"Demand for share ownership in Pharmaxis has been very strong, from both new retail and institutional investors, as well as our existing base of shareholders," said CEO Alan Robertson.

"The successful completion of this IPO means we are now well positioned to rapidly progress the development and commercialisation of the company's clinical projects, as well as the scale-up of our manufacturing capability."

The company, which specialises in human therapeutic products for chronic respiratory and autoimmune diseases, has four products in clinical trials and two in pre-clinical development.