Pharmaxis Ltd (PXS.AX) Receives Negative Bronchitol Trend Vote from CHMP; Shares Dived 70 Pct at Market Close  
5/26/2011 8:38:29 AM

EUROPEAN regulators have snubbed the cystic fibrosis drug developed by Australian group Pharmaxis.

The decision has stunned the domestic biotech industry and sent the group's shares plummeting.

Pharmaxis shares dived 73 per cent yesterday after regulators gave an informal indication they were unlikely to approve the drug for European sale. A final decision on Bronchitol is due next month.