Ann: Pharmaxis Quarterly Investor Conference Call, page-11

re: Ann: Pharmaxis Quarterly Investor Confere... I had a listen to the quarterly investor call. Sounds to me that they are prepared to sell the future just to keep an unsustainable business model afloat. Make me sad because I am losing a bomb.

FDA approval is probably 24 months away with recruitment of trial participants expected to be completed in mid 2015. The risk associated with this will be mitigated by a partnering deal with big pharma announced probably in Q3 2014. I would think the very disappointing last 9 quarters of sales in EU and AUS would leave PXS in a very weak negotiating position. Novaquest already have a percentage of US sales revenue.

Paediatric trial in EU progressing slowly and Gary did not sound hopeful in respect to this. Only commented on it in response to a direct question.

Whilst the German patients will not use the drug, the doctors think is good! The positive plan is about to reap rewards and indeed March sales were good! - hang in there. Ireland, Netherlands and Israel are about to come on board, but Germany and UK are about 40% of the expected market so we can never really expect to make any money from this drug.

Loxl 2 will likely be sold off for a cash payment upfront- more money to waste in an unsustainable business model.

Aridol was not mentioned by Gary in his presentation but it appears US sales may resume next quarter with in house manufacturing and packaging. The US still needed to inspect the old packaging site?!


The highlight of presentation was at about 34 minutes when Gary become obviously annoyed and cut off a questioner who asked about the obvious disconnect between revenues and expenditure and whether the board considered it worth continuing as a going concern. This to me is the obvious question, and I am pretty sure Gary shares this concern but it is clearly not in his interests to admit it.

I don’t know how low the share price will go, but its only going to go in one direction for the foreseeable future. I don’t know how they can turn this around.