Pharmaxis Goes Live with MetricStream's Solution for SOx Compliance

Hosted solution automates key business processes for sustainable, cost-effective compliance

June 13, 2007 | Bangalore, India and Redwood Shores, Calif. - MetricStream, Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced that
Pharmaxis Ltd (NASDAQ: PXSL, ASX: PXS), has gone live with MetricStream's GRC solution, initially focused on Sarbanes-Oxley (SOx) compliance. Pharmaxis is an Australia-based global pharmaceutical company and is listed on the NASDAQ Stock Market as well as the Australian Securities Exchange.

The MetricStream solution will serve as an enterprise-wide risk and internal controls platform for Pharmaxis, enabling financial compliance with SOx Section 404. The solution will allow Pharmaxis to document their financial processes, risks and controls in a single repository, test the effectiveness of internal controls and use that information to drive appropriate disclosure and remediation processes to implement effective corporate governance programs. The system will also ensure the implementation of the COSO framework for streamlined risk management.

The solution is being delivered as a hosted service to Pharmaxis, eliminating IT overhead costs and minimizing the burden on internal resources associated with SOx compliance. Following MetricStream's rapid implementation methodology, the solution was configured for Pharmaxis in just a few weeks. This included migrating Pharmaxis' process hierarchy and test plans, mapping business processes and information flows and configuring reports and dashboards in the MetricStream system for Pharmaxis' business, analysis and reporting needs.

"As a pharmaceutical company operating in global markets, many of our business processes are affected by regulatory requirements in countries that we operate in," said Pharmaxis Chief Financial Officer David McGarvey. "Therefore, sustainable compliance and risk management is a key area of focus for us. We chose MetricStream for its integrated platform for SOx compliance management. We are looking forward to expanding our use of the platform to cover other regulatory compliance obligations."

"With a multitude of regulations to comply with, companies today are seeking an integrated technology platform for multi-regulatory compliance to bring down the cost of compliance and reduce the risk of non - compliance," said Shankar Bhaskaran, Head of Sales and Marketing, MetricStream Asia Pacific. "Our selection by Pharmaxis demonstrates the value of our GRC and Quality Management solutions for companies in the APAC region looking to adhere to international standards and regulations."

About Pharmaxis
Pharmaxis is a specialist pharmaceutical company involved in the research, development and commercialization of therapeutic products for chronic respiratory and autoimmune diseases. Its pipeline of products include Aridol TM for the management of asthma, Bronchitol TM for cystic fibrosis and bronchiectasis and PXS64 for the treatment of multiple sclerosis. Founded in 1998, Pharmaxis was listed on the Australian Securities Exchange in November 2003 (symbol PXS), and on NASDAQ (symbol PXSL) in August 2005. The company is headquartered in Sydney at its TGA approved manufacturing facilities. For more information about Pharmaxis, go to www.pharmaxis.com.au.

About MetricStream
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Fairchild Semiconductor, Hitachi Computer Products (America), Subway and TaylorMade-Adidas Golf in diverse industries such as Automotive, Food, Pharmaceuticals, Manufacturing and Electronics to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the ComplianceOnline.com portal. MetricStream is headquartered in Redwood Shores, California and can be reached at www.metricstream.com.

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