Pharmaxis raises A$50 million

Pharmaxis Ltd. (ASX:PXS; Pink:PXSLY) raised A$50 million ($51.4 million) through the institutional component of its rights offering. The company plans to raise A$30 million ($30.8 million) in the retail component, which is expected to close Dec. 8. Shareholders in both offers are eligible to purchase one share at A$1.05 for every three shares held. The offering is underwritten by Merrill Lynch and Wilson HTM. Pharmaxis was down A$0.19 (14%) to A$1.12 on Friday. ...