Going into to 2023, Pharmaxis will have two Phase II study results to report. One is with PXS-6302 in the treatment of scars, and the second is with PXS-5505 for the treatment of myelofibrosis.
This week Pharmaxis announced that it had completed recruitment in the 50 patient scar treatment study which is being conducted under Professor Fiona Wood at the University of Western Australia. Previously Professor Wood had commented on positive emerging signs of efficacy in treating existing scars with this compound. "We have noted positive changes in appearance and pliability of scars in those patients on active drug."
In this study the first eight patients were treated with PXS-6302, whilst the next 42 were dividend between placebo and active compound. Formal results from the study are expected to be released in the second quarter of next year.
A Phase II a study is underway in patients with myelofibrosis being treated with the Pharmaxis drug candidate PXS-5505. Results from that study are also expected in the second quarter of next year. The company is seeking to recruit 24 patients in what is an open label study (i.e. Each patient is receiving PXS-5505). And each patient is treated for 24 weeks.
Early results were released from the first six patients who were treated for the full period. Most patients being recruited have a life expectancy of just 12 months. So the expectation is that all patients will deteriorate in the first six months. However in five of the six patients, a bone marrow analysis showed either stabilisation or improvement, with two patients having clinically improved symptoms. Four patients exited the study due to lack of clinical effect detected.
Pharmaxis is capitalized at just $42 million. A positive study outcome next year could see considerably better value recognized in the Pharmaxis stock price. Its proforma cash balance at the end of September (including a subsequent raise) was around $30 million.
Bioshares recommendation: Speculative Buy Class A
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