Syntara Ltd, formerly Pharmaxis Ltd (ASX:PXS, OTC:PMXSF), a clinical-stage drug development firm specialising in blood-related cancers, has received a substantial Research and Development (R&D) tax incentive of A$5,205,123 for the 2023 financial year.
This development bolsters the company's financial status, allowing it to repay a loan of A$4.4 million, including associated charges, to Paddington Street Finance, which was initially received in August 2023 as an effective advance of the incentive.
Post-repayment, Syntara's cash reserves are expected to increase by approximately A$700,000.
“The R&D tax incentive is a significant source of nondilutive funding for the company’s clinical development pipeline including PXS-5505 in myelofibrosis where the next arm of a phase 2 trial in combination with standard of care is expected to shortly dose its first patients,” said Syntara CEO Gary Phillips
About the company
Syntara has been recognised for its advanced drug discovery engine, primarily focusing on amine oxidase inhibitors.
Currently, Syntara is overseeing three phase 2 clinical studies in areas of critical unmet medical needs, with plans to evaluate two additional potential phase 1c/2 studies in 2024.
Its lead candidate, PXS‐5505, designed to treat the bone marrow cancer myelofibrosis, has already secured Orphan Drug Designation from the FDA and approval for an Investigational New Drug Application.
Following promising results in phase 2a trials as a monotherapy, PXS-5505 is slated for further research in conjunction with a JAK inhibitor in a subsequent phase 2 study. Interim data is expected by Q4 2024, with plans for a phase 1c/2a clinical trial targeting another blood-related cancer, myelodysplastic syndrome.
Syntara is also progressing in its collaboration with Professor Fiona Wood and the University of Western Australia, focusing on both oral and topical pan-LOX inhibitors for scar prevention and modification.
Additionally, the company is engaged in a partnership with Parkinson’s UK, studying PXS‐4728, a potent SSAO/MAOB inhibitor, for the treatment of sleep disorders and potentially slowing the progression of neurodegenerative diseases like Parkinson's through the reduction of neuroinflammation.
Beyond these initiatives, Syntara has a portfolio targeting various fibrotic and inflammatory diseases, including kidney fibrosis, NASH, pulmonary fibrosis, and cardiac fibrosis.
The company continues to earn royalties from two respiratory products it developed, Bronchitol® for cystic fibrosis and Aridol®, a lung function test, which are currently available in global markets.