SYNTARA LIMITED — Director's Dealing 2006

Apr 10, 2006

Rule 3.19A.3

Appendix 3Z

Final 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 .
IABN 75 082 811 630 -

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Carmel Judith Hillyard
Date of last notice	17 November 2005
Date that director ceased to be director	10 April 2006

Part 1 - Director's relevant interests in securities of which the director is the registered holder 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.

Number & class of securities $N/A$

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

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.

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

+ See chapter 19 for defined terms.

Name of holder & nature of interestNote: Provide details of the circumstances giving rise tothe relevant interest	Number & class of securitiesAssociated with 3,635,956 ordinary shares held by CIBCAustralia VC Fund (Australia Venture Capital Fund LPa(c)
	Associated with 11,189,044 ordinary shares held by CMCapital Investments Pty Ltd (CM Capital Venture No 3a(c)
	6,000 ordinary shares held by BionetworksSuperannuation Fund $-$ in which the director has abeneficial interest

Part 3 - Director's interests in contracts

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates

$+$ See chapter 19 for defined terms.