Pharmaxis to Voluntarily De-List from Nasdaq

SYDNEY, July 12 /PRNewswire-Asia/ -- Pharmaxis (ASX: PXS; Nasdaq: PXSL)
today announced a decision to voluntarily de-list from the Nasdaq Global
Market ("Nasdaq").
Pharmaxis has recently completed a review of the demand from existing and
potential international investors for the secondary listing of its American
Depositary Shares ("ADS's") on Nasdaq and the volume of Pharmaxis ADS trading
in the secondary Nasdaq market. The review concluded that the benefits of the
Nasdaq listing could no longer justify the related ongoing costs.
Pharmaxis will file a Form 25 with the SEC on 23 July 2009 to commence the
Nasdaq delisting process. It is expected that the de-listing will take effect
at the close of trading of Nasdaq on 3 August 2009. Pharmaxis will then file a
Form 15F with the U.S. Securities and Exchange Commission ("SEC") to terminate
its registration and to suspend its reporting obligations under the Securities
Exchange Act of 1934.
The Company's primary listing on the Australian Securities Exchange will
continue without change. While the Company's securities will not be listed on
any exchange in the United States after the deregistration process is
complete, Pharmaxis intends to retain its Level 1 ADS program. Pharmaxis ADS
will therefore continue to trade in the U.S. "over the counter" market. There
are no costs associated with retaining the Level 1 ADS program.
All ADS holders will shortly receive a formal notice advising them of the
change in the program and providing instructions on how to proceed. The
anticipated timetable for the de-listing from NASDAQ and downgrade of the ADS
program is set out as follows (New York time):
3 August 2009 - Termination of NASDAQ listing and change of ADS program
3 August 2009 - Registration with the SEC suspended
21 October 2009 - Deregistration with the SEC effective

CONTACT:

David McGarvey
Chief Financial Officer
Tel: +61-2-9454-7200
Email david.mcgarvey@pharmaxis.com.au

RELEASED THROUGH:

Australia:
Felicity Moffatt
Tel: +61-418-677-701
Email: felicity.moffatt@pharmaxis.com.au

United States:
Brandon Lewis
Trout Group
Tel: +1-646-378-2915
Email: blewis@troutgroup.com

SOURCE Pharmaxis Ltd

David McGarvey, +61-2-9454-7200, david.mcgarvey@pharmaxis.com.au; Felicity
Moffatt, +61-418-677-701, felicity.moffatt@pharmaxis.com.au, both of
Pharmaxis; Brandon Lewis of Trout Group for Pharmaxis, +1-646-378-2915,
blewis@troutgroup.com