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Pharmaxis Closes Share Purchase Plan

Monday, November 19, 2007 General News J E 4
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SYDNEY, Australia, Nov. 18 Pharmaxis(ASX: PXS, Nasdaq: PXSL) today announced it had raised $11.7 million from itsShare Purchase Plan which closed on 9 November 2007. Shareholders of thecompany were given the opportunity to purchase up to $5,000 worth of shareseach at the $3.90 price paid by institutional investors in the recentplacement.

A total of 2,496 shareholders participated in the plan under which thecompany will issue approximately 3 million new shares and receive cash ofapproximately $11.7 million.

Dr Alan Robertson, Chief Executive Officer of Pharmaxis said, "We are veryencouraged with the level of support from our shareholders. Approximately halfparticipated in the plan, and the average investment was over $4,600."

Shares will be issued today, 16th November 2007, and are expected to belisted on the Australian Securities Exchange on 19 November 2007. Holdingstatements will be posted on or about 19 November 2007.

About Pharmaxis

Pharmaxis (ACN 082 811 630) is a pharmaceutical company involved in theresearch, development and commercialization of therapeutic products forchronic respiratory and immune disorders. Its development pipeline of productsinclude, Aridol for the management of asthma, Bronchitol for cystic fibrosis,bronchiectasis and chronic obstructive pulmonary disease (COPD) and PXS64 forthe treatment of multiple sclerosis.

Founded in 1998, Pharmaxis is listed on the Australian Stock Exchange(symbol PXS), and on NASDAQ Global Market (symbol PXSL). The company isheadquartered in Sydney at its TGA-approved manufacturing facilities. For moreinformation about Pharmaxis, go to http://www.pharmaxis.com.au or contact JaneSugden, Investor Relations +61 2 9454 7230.

Forward-Looking Statements

The statements contained in this media release that are not purelyhistorical are forward-looking statements within the meaning of Section 21E ofthe Securities Exchange Act of 1934, as amended. Forward-looking statements inthis media release include statements regarding our expectations, beliefs,hopes, goals, intentions, initiatives or strategies, including statementsregarding the potential for Aridol and/or Bronchitol. All forward-lookingstatements included in this media release are based upon information availableto us as of the date hereof, and we assume no obligation to update any suchforward-looking statement as a result of new information, future events orotherwise. We can not guarantee that any product candidate will receive FDA orother regulatory approval or that we will seek any such approval. Factors thatcould cause or contribute to such differences include, but are not limited to,factors discussed in the "Risk Factors and Other Uncertainties" section of ourForm 20-F lodged with the U.S. Securities and Exchange Commission.For more information, please contact: Alan Robertson Chief Executive Officer Tel: +61-2-9454-7200 Email: alan.robertson@pharmaxis.com.au RELEASED THROUGH: United States: Brandon Lewis Trout Group Tel: +1-646-378-2915 Email: blewis@troutgroup.com Australia: Felicity Moffatt Tel: +61-418-677-701 Email: moffattf@healthpr.com

SOURCE Pharmaxis Ltd
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