Pharmaxis shares soar as Europe set to approve Bronchitol

Sydney-based Pharmaxis' shares have jumped by over 57 per cent to today's trading after seeing its cystic fibrosis treatment, Bronchitol, be recommended for marketing approval in Europe by the Committee for Medicinal Products for Human Use (CHMP).

This clears the way for Bronchitol to be used "for the treatment of cystic fibrosis in adults as an add-on therapy to best standard of care."

Read more about Pharmaxis and Bronchitol.

The company plans to quickly move to commercialise Bronchitol in Europe, with it already having established supply and logistics arrangements with its European marketing partner, Quntiles.

According Pharmaxis CEO Dr Alan Robertson, awareness of the treatment is high amongst cystic fibrosis clinicians, meaning it could be adopted relatively quickly.

"This outcome from the CHMP meeting is an important milestone for the company. It is good news for the cystic fibrosis (CF) community which has supported us throughout the development of Bronchitol," he said.

Pharmaxis suffered a setback in 2010 after releasing less-than-stellar results of a clinical trial of Bronchitol that saw European regulators eye it warily.

Prior to May this year Pharmaxis was trading above $3.00 and then plummeted to a low of 64c late last month.

Today the share price leapt to $1.48, up 57.5 per cent as of 3.30pm Monday afternoon.