Phytopharm PLC (PYM.L) Stopping R&D Spending, Cutting Headcount
3/26/2013 7:36:05 AM
Drug development company, Phytopharm, has begun talks with potential buyers for the company after it confirmed the results of its Phase II clinical trial of Cogane in Parkinson's disease, which showed that the drug had demonstrated no clinically meaningful efficacy. Those results were first announced in February, sparking a massive sell off in the company's stock which now trades at just over a tenth of its then price. Today's announcement that exploratory discussions have been held with a number of parties regarding a potential merger or acquisition however added 3.33 per cent to its price, which is now at 1.55 pence a share.
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