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news.Pharmaxis has issued 3.2 million shares on completion of the acquisition of Canada-based private biopharmaceutical company, Topigen Pharmaceuticals.
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The agreement to purchase Topigen was announced to the market on 12 January, 2010.
An additional 5.0 million shares will be issued subject to the achievement of certain preclinical and clinical milestones specified in the purchase agreement.
The Topigen portfolio includes a number of therapeutic candidates for respiratory disorders based on its multi-targeted oligonucleotide technology. The lead drug candidate, TPI ASM8, is in phase 2 clinical development for the management of moderate to severe asthma. A second drug candidate, TPI 1100, is in preclinical development for chronic obstructive pulmonary disease.