PHARMAXIS TO ESTABLISH LEVEL 1 AMERICAN DEPOSITARY RECEIPT (ADR by usw60795

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									ASX RELEASE
1st July 2004



                 PHARMAXIS TO ESTABLISH LEVEL 1
            AMERICAN DEPOSITARY RECEIPT (ADR) PROGRAM


Sydney-based pharmaceutical company Pharmaxis Ltd (ASX code: PXS) today
announced it has accepted a proposal from The Bank of New York to establish a Level 1
ADR program to facilitate the purchase of Pharmaxis Ltd shares by United States
investors.




Further information:
David McGarvey
Company Secretary
+61 2 9451 5203




                                                             www.pharmaxis.com.au

								
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