BioCentury
ARTICLE | Company News

Pharmaxis pulmonary news

September 1, 2014 7:00 AM UTC

On Aug. 1, Pharmaxis filed suit in the Supreme Court of the State of New York alleging that NovaQuest Capital Management breached a January 2013 deal by repudiating its funding obligations, failing to comply with the deal’s communication and dispute resolution provisions and not acting in good faith. The suit also alleges that NovaQuest has interfered with Pharmaxis’ negotiations with potential commercial partners with Bronchitol mannitol. Pharmaxis is seeking injunctive relief preventing NovaQuest from suspending or terminating its obligations to provide Pharmaxis a second tranche of $20 million, a declaration that Pharmaxis did not breach the deal and compensatory and punitive damages. Subsequently on Aug. 3, NovaQuest issued a notice terminating its funding obligations. ...