Australian firm Pharmaxis has raised A$50 million (US$45.2 million) through a placement to help move its late-stage pulmonary products through development and expand its manufacturing operation in Sydney.

Pharmaxis will issue 12.8 million new fully paid ordinary shares at A$3.90 per share, an 8.9 percent discount to its closing price Oct. 8, and a 2 percent discount to the volume weighted average share price over the past 30 days. The shares to be issued will rank equally with existing ordinary shares in the capital of the company.

A share purchase plan will be offered to all Australian and New Zealand shareholders who held shares as of 7 p.m. Oct. 11. They can purchase up to $5,000 worth of fully paid ordinary shares at the placement price of A$3.90, without brokerage or transaction costs.

The share purchase plan offer opens Oct. 19 and closes Nov. 9. Settlement of the placement is scheduled to take place Oct. 16.

Pharmaxis' pipeline is led by Bronchitol, which is in Phase III trials for bronchiectasis, cystic fibrosis, children with cystic fibrosis, and Phase II for chronic obstructive pulmonary disease, and Aridol, which has successfully completed Phase II trials in the U.S. and Australia for COPD.

In other financing news:

• Pronova BioPharma, of Oslo, Norway, priced its initial public share offer on Thursday at NOK23 (US$4.20), at the bottom of its NOK23 to NOK29 anticipated range. The offering includes 116.5 million shares, including 80.9 shares being sold by existing shareholders, 25 million new shares issued by the company and 10.6 million shares allotted by the IPO managers pursuant to an overallotment facility. Net proceeds from the new shares to be issued by the company are estimated to be approximately NOK71 million (US$13.1 million). Pronova specializes in development, production and sale of marine omega-3 fatty acids treatments, and also is studying whether they can slow the progression of Alzheimer's disease, diabetes, some cancers and macular degeneration. Carnegie and UBS were joint global coordinators and joint bookrunners for the offering.

• Xcellerex Inc., of Marlborough, Mass., raised $31 million in a Series C financing to advance its FlexFactory manufacturing system and XDR bioreactors for producing biomolecules, including biotherapeutics and vaccines, and for developing its own internal biomolecule products. VantagePoint Venture Partners, a new investor, led the financing. Existing investors, including Kleiner Perkins Caufield and Byers, and SCG Investments, also participated. In connection with the financing, VantagePoint Venture Partner David E. Thompson will join the Xcellerex board of directors.