Released on = June 13, 2007, 11:38 pm

Press Release Author = MetricStream

Industry = Software

Press Release Summary = MetricStream, Inc., the market leader in enterprise-wide
Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced
that Pharmaxis Ltd (NASDAQ: PXSL, ASX: PXS), has gone live with MetricStream\'s GRC
solution, initially focused on Sarbanes-Oxley (SOx) compliance. Pharmaxis is an
Australia-based global pharmaceutical company and is listed on the NASDAQ Stock
Market as well as the Australian Securities Exchange.

Press Release Body = Hosted solution automates key business processes for
sustainable, cost-effective compliance

Redwood Shores, California - MetricStream, Inc., the market leader in
enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management
solutions, today announced that Pharmaxis Ltd (NASDAQ: PXSL, ASX: PXS), has gone
live with MetricStream\'s GRC solution, initially focused on Sarbanes-Oxley (SOx)
compliance. Pharmaxis is an Australia-based global pharmaceutical company and is
listed on the NASDAQ Stock Market as well as the Australian Securities Exchange.

The MetricStream solution will serve as an enterprise-wide risk and internal
controls platform for Pharmaxis, enabling financial compliance with SOx Section 404.
The solution will allow Pharmaxis to document their financial processes, risks and
controls in a single repository, test the effectiveness of internal controls and use
that information to drive appropriate disclosure and remediation processes to
implement effective corporate governance programs. The system will also ensure the
implementation of the COSO framework for streamlined risk management.

The solution is being delivered as a hosted service to Pharmaxis, eliminating IT
overhead costs and minimizing the burden on internal resources associated with SOx
compliance. Following MetricStream's rapid implementation methodology, the solution
was configured for Pharmaxis in just a few weeks. This included migrating Pharmaxis'
process hierarchy and test plans, mapping business processes and information flows
and configuring reports and dashboards in the MetricStream system for Pharmaxis'
business, analysis and reporting needs.

"As a pharmaceutical company operating in global markets, many of our business
processes are affected by regulatory requirements in countries that we operate in,"
said Pharmaxis Chief Financial Officer David McGarvey. "Therefore, sustainable
compliance and risk management is a key area of focus for us. We chose MetricStream
for its integrated platform for SOx compliance management. We are looking forward to
expanding our use of the platform to cover other regulatory compliance obligations."


"With a multitude of regulations to comply with, companies today are seeking an
integrated technology platform for multi-regulatory compliance to bring down the
cost of compliance and reduce the risk of non-compliance," said Shankar Bhaskaran,
Head of Sales and Marketing, MetricStream Asia Pacific. "Our selection by Pharmaxis
demonstrates the value of our GRC and Quality Management solutions for companies in
the APAC region looking to adhere to international standards and regulations."

About Pharmaxis
Pharmaxis is a specialist pharmaceutical company involved in the research,
development and commercialization of therapeutic products for chronic respiratory
and autoimmune diseases. Its pipeline of products include AridolTM for the
management of asthma, BronchitolTM for cystic fibrosis and bronchiectasis and PXS64
for the treatment of multiple sclerosis. Founded in 1998, Pharmaxis was listed on
the Australian Securities Exchange in November 2003 (symbol PXS), and on NASDAQ
(symbol PXSL) in August 2005. The company is headquartered in Sydney at its TGA
approved manufacturing facilities. For more information about Pharmaxis, go to
www.pharmaxis.com.au.

About MetricStream
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance
(GRC) and Quality Solutions for global corporations. MetricStream solutions are used
by leading corporations such as Pfizer, Fairchild Semiconductor, Hitachi Computer
Products (America), Subway and TaylorMade-Adidas Golf in diverse industries such as
Automotive, Food, Pharmaceuticals, Manufacturing and Electronics to manage their
quality processes, regulatory and industry-mandated compliance and corporate
governance initiatives, as well as by over a million compliance professionals
worldwide via the ComplianceOnline.com portal. MetricStream is headquartered in
Redwood Shores, California and can be reached at www.metricstream.com.


Web Site = http://www.metricstream.com

Contact Details = MetricStream, Inc.
3000 Bridge Parkway
Redwood Shores, CA 94065
Phone: 650-620-2900
Fax: 650-632-1953

Anil Gupta, VP of Marketing
pr@metricstream.com