PHARMAXIS LTD COMPLETES $87 MILLION CAPITAL RAISING

Pharmaxis Ltd (ASX: PXS, Nasdaq: PXSL) announced today that it had completed its Global Capital Raising with gross proceeds of A$87 million (US$63 million). A total of 39.4 million shares (including 1.3 million American Depositary Shares) were issued bringing total shares on issue after the raising to 174.4 million. In the US, 1.3 million American Depositary Shares (ADSs) were issued to US institutional investors in a public offering at a price of US$24.16 per ADS.

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