bronchitol for cf: recruitment closes earlier than Pharmaxis...

bronchitol for cf: recruitment closes earlier than Pharmaxis Limited
Bronchitol for CF: Recruitment closes earlier than expected in Phase II trial

Recommendation
PXS announced the early closure of its Phase II Bronchitol trial for the
treatment of CF. The reduced recruitment target of 30 from 51, is as a
result of better than expected variances in the trial thus far. While the trial
remains blinded, we believe this is a positive indication of the efficacy of
Bronchitol. There are still a number of other Bronchitol trials underway
which are expected to be completed in 2006. We believe bronchitol will
receive Orphan Drug status from the US FDA for the treatment of CF,
increasing the credibility of the product even further. We maintain our BUY
recommendation with a $2.03 valuation.