SYNTARA LIMITED — Director's Dealing 2006

Oct 2, 2006

Rule 3.19A.2

Appendix 3Y

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
ABN	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	Denis Michael Hanley
Date of last notice	18 November 2005

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 interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Acquisition of shares by Denis M Hanley Pty Ltd as trustee of a trust of which Denis Michael Hanley is a beneficiary.
Date of change	28 September 2006
No. of securities held prior to change	Ordinary shares held directly: 566,664 Ordinary shares held indirectly: 191,333 Options over ordinary shares: 1,080,000
Class	Ordinary shares
Number acquired	10,000
Number disposed	NIL
Value/Consideration Note: If consideration is non-eash, provide details and estimated valuation	\$21,938.70 (including brokerage).
No. of securities held after change	Ordinary shares held directly: 566,664 Ordinary shares held indirectly: 201,333 Options over ordinary shares: 1,080,000

$\pm$ See chapter 19 for defined terms.

On-market acquisition Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in bay-back
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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.

Detail of contract	N/A
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 relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

⁺ See chapter 19 for defined terms.