Pharmaxis Ltd. financial update

Pharmaxis said it elected to receive the full $40 million it is eligible for under the company's January agreement with NovaQuest Pharma Opportunities Fund III. NovaQuest made an initial investment of $20 million under the agreement, which is supporting the development of Bronchitol mannitol in the EU and U.S. The second $20 million is subject to Pharmaxis beginning a U.S. Phase III trial of Bronchitol by Oct. 17, 2014, and will be paid in four installments of $5 million, each three months apart. ...