SYNTARA LIMITED — Director's Dealing 2005

Mar 14, 2005

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

	Name of entity PHARMAXIS LTD
JABN	75 082 811 630

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	BRIGITTE HELEN SMITH
Date of last notice	10 November 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect inferest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	1) PERPETUAL TRUSTEES NOMINEESLTD AS TRUSTEE OF THEAUSTRALIAN BIOSCIENCE TRUST ANDGBS VENTURE PARTNERS LTD ASMANAGER OF THE AUSTRALIANBIOSCIENCE TRUST.BRIGITTE HELEN SMITH ISASSOCIATED WITH AND HAS ANINTEREST IN THE MANAGER OF THETRUST.3) GBS VENTURE PARTNERS LTD ASTRUSTEEAND -MANAGERОFBIOSCIENCE VENTURES ILBRIGHTTE HELEN SMITH ISASSOCIATED WITH AND HAS ANINTEREST IN THE TRUSTEE ANDMANAGER OF THE TRUST.
Date of change	11 MARCH 2005

+ See chapter 19 for defined terms.

No. of securities held prior to changeClass	1) PERPETUAL TRUSTEES NOMINEESAS.TRUSTEELTD.OFTHEAUSTRALIAN BIOSCIENCE TRUST20,245,000 ORDINARY SHARES.2) GBS VENTURE PARTNERS LTD ASTRUSTEEANDMANAGEROFBIOSCIENCE VENTURES II - 10,580,000ORDINARY SHARESORDINARY SHARES
Number acquired
Number disposed	1) PERPETUAL TRUSTEES NOMINEESLTD.ASTRUSTEEOFTHEAUSTRALIAN BIOSCIENCE TRUST -4,204,800 DISPOSED2) GBS VENTURE PARTNERS LTD ASTRUSTEEANDMANAGERΟF
	BIOSCIENCE VENTURES $II - 2,195,200$DISPOSED
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	1) PERPETUAL TRUSTEES NOMINEESASTRUSTEEOFTHELTDAUSTRALIAN BIOSCIENCE TRUST -$5,045,760
	2) GBS VENTURE PARTNERS LTD ASTRUSTEEANDMANAGEROFBIOSCIENCE VENTURES II - $2,634,240
No. of securities held after change	1) PERPETUAL TRUSTEES NOMINEESLTDASTRUSTEEОFTHEAUSTRALIAN BIOSCIENCE TRUST -16,040,200 ORDINARY SHARES.
	2) GBS VENTURE PARTNERS LTD ASTRUSTEEANDMANAGERОFBIOSCIENCE VENTURES $II - 8,384,800$ORDINARY SHARES.
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	OFF MARKET SALE.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of 'notifiable interest of a director'' should be disclosed in this part.

$+$ See chapter 19 for defined terms.

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details andan estimated valuation.
Interest after change

$+$ See chapter 19 for defined terms.