News: PXS Pharmaxis Ltd Posts Quarterly Net Loss After Tax Of A$7.5 Million, page-3

Agreed – the delays are pretty disappointing. Some positives, but on balance, a slightly disappointing update:

 

Positives

• Boehringer Nash trial still due to report in 1H19
• Oral LOX inhibitor sounds promising, but difficult to see beyond the promise at this point
• US first purchase of Aridol likely to occur this quarter – will be interesting to see the dollar value
• Russia approval of Bronchitol onto benefits scheme from 2019 is very positive – again, will be interesting to see the dollar value

 

Negatives

• Delays, delays, delays
• LOXL2 partnering discussions pushed to 2019 – with some subtle language changes implying this may drag-out more than I was expecting
• Second indication Nash delayed by 8 months
• Bronchitol sales disappointing this quarter (also still waiting for US re-submission for Bronchitol)

 

As an aside, I did a little digging and was please to see that PXS now have analyst reports available for download on their website (both Bell Potter and Bioshares), which are well worth a read. Interesting to see their perspective and valuations: http://www.pharmaxis.com.au/investor-centre/analyst-coverage/