SYNTARA LIMITED — Director's Dealing 2007

Nov 15, 2007

Appendix 3Y Change of Director’s Interest Notice

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	John Villiger
Date of last notice	15 November 2006

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	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.
Date of change	5 November 2007
No. of securities held prior to change	Options over ordinary shares: 200,000
Class	Unlisted options
Number acquired	200,000 options
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Granted under Pharmaxis Employee Option Plan for nilconsideration. Value of $322,340 using a Black Scholesoption pricing model.
No. of securities held after change	Options over ordinary shares: 200,000

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	Grant of options under Pharmaxis Employee OptionPlan. The options were granted on 5 November 2007following approval at the 2007 annual general meetingof the Company and as advised to the ASX on 15November 2006 and 6 November 2007.

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.

Part 2 – Change of director’s interests in contractsNote: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a direcdisclosed in this part.Detail of contractN/ANature of interest	Part 2 – Change of director’s interests in contractsNote: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a direcdisclosed in this part.Detail of contractN/ANature of interest	Part 2 – Change of director’s interests in contractsNote: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a direcdisclosed in this part.Detail of contractN/ANature of interest	tor” should be
	Detail of contract	N/A
	Nature of interest
	Name of registered holder(if issued securities)
	Date of change
	No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
	Interest acquired
	Interest disposed
	Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation
	Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002