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Phytopharm PLC (PYM.L) Interim Results for the Six Months Ended 31 March 2011


5/26/2011 9:56:51 AM

May 26, 2011 -- Phytopharm plc (PYM: London Stock Exchange) (“Phytopharm” or the “Company”, or the “Group”) today announces its interim results for the six months ended 31 March 2011 reflecting accelerated progression of the pharmaceutical programmes.

Financial summary

• Loss after tax of £3.60 million (HY 2010: £1.91 million).

• Cash and money market investments balance of £20.38 million (HY 2010: £26.31 million).

Operational summary

• Recruitment of patients with Parkinson’s disease (PD) into the multi-national Cogane™ Phase II dose ranging study (CONFIDENT-PD) commenced in November 2010

• Achieved positive preclinical results demonstrating that Cogane™ reduced side effects associated with L-dopa treatment in a preclinical model; data to be presented at the forthcoming Movement Disorders Conference in June 2011

• Positive data achieved in a toxin-induced preclinical model of amyotrophic lateral sclerosis (ALS) with Cogane™ and initiated “gold standard” genetic in-vivo model with the support of the Motor Neurone Disease Association with results Q4 2011

• Encouraging early data reported from the recently initiated programme investigating the effect of Cogane™ and Myogane™ in glaucoma. Results from further preclinical models Q4 2011

• P61 anti-inflammatory project re-activated

• Co-operation agreement on Hoodia gordonii signed with the Council for Scientific and Industrial Research, South Africa

• Research and development activity on legacy functional food programmes ceased. Reduction in headcount and cost base associated with these programmes

Tim Sharpington, CEO, commented “Good progress has been made in the development and expansion of our pharmaceutical programmes in neurodegenerative diseases and we are particularly pleased that Cogane™ proved to be effective in a model of ALS. We are moving forward with further work in this area and are grateful for the support of the Motor Neurone Disease Society in this endeavour. Cogane™ and Myogane™ have now been shown to be effective in a wide range of neurodegenerative disease models and show great promise to be important new treatments for these diseases. We will continue our strategy of focussing investment on the development of these pharmaceutical assets.”

Mo Noonan

Senior Manager

Financial Dynamics

Holborn Gate, 26 Southampton Buildings

London, WC2A 1PB

D +44 (0)20 7269 7116

M +44 (0)7876 444 977

www.fd.com


Read at BioSpace.com


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