Singapore: The Pharmaxis board has appointed Mr Gary Phillips to the position of chief executive officer with immediate effect. Mr Phillips has served as the company's chief operating officer for five years, having started with Pharmaxis when it listed on the Australian Securities Exchange in 2003.

Dr Alan Robertson steps down and will leave the company after 13 years of service as the founding chief executive officer. He has agreed to assist Pharmaxis in a consulting capacity to help the company generate value from its pipeline of early-stage assets.

Mr Malcolm McComas, Pharmaxis chairman, said, "Pharmaxis is facing likely delays in the commercialization of Bronchitol in the US. Gary Phillips will review the current business model and implement a number of changes aimed at securing Pharmaxis' position as a commercially successful pharmaceutical company and maximise shareholder value. Gary has more than 30 years experience in the pharmaceutical sector and was previously a CEO of Novartis group of companies in Europe, Asia and Australia. He has an exceptional knowledge of all aspects of the Pharmaxis business worldwide and a strong relationship with all of our major stakeholders."

"We thank Alan Robertson for his contribution to Pharmaxis since its inception as a venture capital funded start-up. He has created a substantial business and has led the development of a much needed, novel treatment for cystic fibrosis. The Board acknowledges his vision and tenacity in steering Bronchitol and Aridol through complex clinical trials, regulatory approvals and reimbursement processes in global markets."

Dr Alan Robertson said, "The company is on a solid footing with a strong cash position and with both Aridol and Bronchitol approved in many countries and generating revenue. The path to regulatory approval for Bronchitol in the US is still to be resolved; however, I remain optimistic that a satisfactory outcome will be reached. I look forward to the continued success of the company and to turning my attention to new challenges and horizons, especially providing advice and support in development of the potential new drugs in the Pharmaxis pipeline."