Ann: Commencement of Bronchiectasis Study and Ali, page-20

re: Ann: Commencement of Bronchiectasis Study... mw03 - u know nothing about biotech companies. read the cutout below...analysts opinion though should be taken with a pinch of salt but their comment on withdrawal is quite right

(PXS.AX
PHARMAXIS26 October,2009
26/10/2009 15:45 Sydney, Australia.
Price Change % Change
2.720 +0.110 +4.210%

* Company overview
* Real-time quote

PXS.AX , 2.720, +0.110, +4.210%) - PHARMAXIS LTD

Credit Suisse rates (PXS.AX
PHARMAXIS26 October,2009
26/10/2009 15:45 Sydney, Australia.
Price Change % Change
2.720 +0.110 +4.210%

* Company overview
* Real-time quote

PXS.AX , 2.720, +0.110, +4.210%) as Outperform - The company has voluntarily withdrawn its application for the use of Bronchitol for bronchiectasis in Australia and this sees the broker push back its expected launch in this market, so causing a cut to earnings estimates. While the news is disappointing it was an understandable decision in the broker's view as it wold have made getting an appropriate global uniform label indication more difficult. On the news the broker retains its Outperform rating a long-term it remains positive on the stock