25 September 2015 - Pharmaxis was still reeling from a shock rejection of its cystic fibrosis drug Bronchitol by US drug regulators when Gary Phillips took charge in March 2013.

Amid a frantic search for cash, the former chief operating officer also had to make some tough decisions about the kind of Pharmaxis needed to be if it were to survive.

"There was a strong sense during that period that we were clearly fighting for our lives and we had a limited amount of time to put everything in place," he says. "As a CEO I had to, whilst at the same time as making people redundant, keep the people that were still in the company believing."

Phillips says the key to keeping his 60 staff motivated, as they watched 100 of their peers leave, was to be as transparent as possible about his escape strategy, which was all about reducing risk.

For more details, go to: http://www.afr.com/business/health/biotechnology/pharmaxis-has-a--new-business-model--is-it-now-the-least-risky-biotech-stock-20150921-gjrd1w