30 November 2010 -- Phytopharm plc (PYM: London Stock Exchange) (“Phytopharm” or the “Company”) announces today its preliminary results for the year ended 30 September 2010.
Business highlights
Operational
- Recruitment of patients with Parkinson’s disease into the multi-national Cogane™ Phase II dose ranging study (CONFIDENT-PD) commenced in November 2010
- Positive headline results reported from a preclinical efficacy study of Cogane™ in the gold standard, preclinical model of Parkinson’s disease
- Completion of a Phase IB safety, tolerability and pharmacokinetic clinical study of Cogane™ in healthy volunteers and Parkinson’s disease patients
- Initiation of development programme evaluating the potential of Cogane™ and Myogane™ in glaucoma
- Co-operation agreement signed with the Council for Scientific and Industrial Research (“CSIR”), South Africa, who will fund the future development and commercialisation of Hoodia gordonii as an appetite suppressant
- Appointment of Tim Sharpington as Chief Executive Officer
- Appointment of Roger Hickling as Research and Development Director
Financial
- £24.09 million (net of expenses) raised in December 2009 through a Placing and Open Offer
- Loss after tax of £3.80 million (FY 2009 £3.91 million)
- Cash and money market investments of £23.61 million (FY 2009: £3.91 million)
Mr Tim Sharpington, CEO commented: “In 2010 Phytopharm consolidated its operations and is now focused on the development of its pharmaceutical pipeline. Good progress has been made on the development of Cogane™ following encouraging pre-clinical and Phase I safety results and a Phase II study of Cogane™ in patients with early stage Parkinson’s disease has been initiated. We have also identified additional opportunities within our pharmaceutical pipeline which we will pursue over the coming months. Expenditure and resource on our legacy functional food products has been curtailed and a subsequent restructuring exercise has produced efficiency savings of approximately £1 million over the next three years.
With a strong balance sheet, a three year cash runway and a management team with extensive pharmaceutical development experience, Phytopharm is well placed to exploit its pipeline of innovative pharmaceutical products.”
Enquiries Phytopharm plc Tim Sharpington, CEO Roger Hickling, R & D Director +44 1480 437 697 U.K. Investor Relations FD Ben Atwell John Dineen +44 207 831 3113
For further information about Phytopharm, please see our website at http://www.phytopharm.com
Juliet Edwards Assistant Financial Dynamics Holborn Gate, 26 Southampton Buildings London, WC2A 1PB D +44 (0)20 7269 7125
www.fd.com
