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23 May 2013 -- Phytopharm plc (PYM: London Stock Exchange) (“Phytopharm” or the “Company” or the “Group”) today announces its unaudited interim results for the six months ended 31 March 2013.
On the 18 February 2013 Phytopharm announced that analysis of the headline results from its Phase II clinical trial of Cogane™ in Parkinson's disease indicated that the drug had not demonstrated clinically meaningful efficacy. After discussions with the Company’s major shareholder the Board initiated a review of the strategic options available to the Company, including a review of a number of merger and acquisition opportunities. Further to this, the Board of Phytopharm is pleased to announce that Phytopharm has recently signed heads of terms in connection with the possible acquisition of a revenue generating UK based private company in the healthcare sector (“Target”).
The transaction would be structured by way of an acquisition of the Target by Phytopharm in consideration for the issue of new Phytopharm shares to the shareholders of the Target. Due to its size in relation to Phytopharm, the proposed acquisition of the Target constitutes a "reverse takeover" for the purposes of the Listing Rules. At the request of the Company, trading in Phytopharm’s Premium listed shares on the Main Market of the London Stock Exchange (“Main Market”) was suspended on 21 May 2013 by the UK Listing Authority pending publication of the required shareholder documents. Shareholder approval would be required to approve the acquisition of the Target which would be sought at a general meeting to be convened in due course, after which the Company also expects to delist from the Main Market and seek admission of the enlarged share capital to trading on AIM. The Company expects to make a further announcement in due course.
• No further research and development expenditure has been committed and a staff reduction programme has been put in place.
• Loss after tax of £2.65 million (HY 2012: £4.88 million).
• Cash and money market investments of £6.33 million (HY 2012: £13.33 million; FY 2012: £8.89 million).
Tim Sharpington CEO
Roger Hickling R & D Director
+44 1480 437 697
UK Investor Relations contact:
FTI Consulting Limited
+44 207 831 3113
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