Pharmaxis FY loss increases

Pharmaceutical company posts a higher loss on increased operating expenses.

Pharmaceutical company Pharmaxis (PXS) has implemented a cost saving program as its losses grew in fiscal 2013 due to an increase in operating expenses.

In a preliminary final report, the group posted a loss of $43.537 million in fiscal 2013, 13% more than the $38.644 million loss the previous year.

Pharmaxis' revenue increased 41 per cent to $11.607 million in the year to June 30, compared with $8.254 million in the prior year.

The group does not propose to pay a dividend.