Interim Management Statement for 3 months ended 30 June 2008
3 July 2008
Phytopharm plc (PYM: London Stock Exchange) (”Phytopharm” or the “Company”) is today issuing its Interim Management Statement (”IMS”) which relates to the three month period from 1 April 2008 to 30 June 2008 and contains information up to the date of publication of this IMS.
Portfolio Highlights
Hoodia extract
- Weight management product continues to make good progress through the various stages of the development programme, in collaboration with Unilever
Phytopica®
- Hong Kong launch in June 2008 by Intervet/Schering-Plough Animal Health
Cogane™
- On target for Phase IIa clinical trial in Parkinson’s disease patients, with Clinical Trial Authorisation (CTA) submission anticipated late 2008
Myogane™
- ·EU orphan medicinal product status granted by EMEA for amyotrophic lateral sclerosis (ALS)
The Hoodia programme is fully funded by Unilever, Phytopica® is revenue generating and the Company is now benefitting from financial support from The Michael J. Fox Foundation to develop Cogane™ as a treatment for Parkinson’s disease. There have been no other significant changes in the financial position or performance of the Company since the publication of the interim results in respect of the six months ended 31 March 2008. Cash and cash equivalents as at 31 March 2008 were £8.80 million.
Dr Daryl Rees, Chief Executive, commented: “Hoodia extract, our weight management product partnered with Unilever continues to progress towards FDA submission which, subject to the programme continuing to advance in line with our current expectations, is anticipated in late 2009. Our canine skin health product, Phytopica®, partnered with Intervet/Schering-Plough Animal Health has launched in Hong Kong and we look forward to launch in additional territories. Our pharmaceutical products Cogane™ and Myogane™ continue to make good progress and Cogane™ is now benefiting from the strategic financial support of charitable organisations. With a strengthened balance sheet we look forward to reporting on continued progress with the products in our pipeline in H2 2008.”
Notes to Editor
Phytopharm plc
Phytopharm is a pharmaceutical development and functional food company. Our products are developed from medicinal plants, thereby reducing the development risk, cost and time to market. As a virtual company, Phytopharm’s model is centred on a lean cash burn with all laboratory, manufacturing and clinical work out-sourced to specialists, while core competencies such as strategy and management are maintained in-house. Close collaboration with charitable organisations enhances our interaction with worldwide specialists and accelerates our development programmes increasing their value.
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Enquiries
Phytopharm plc
Dr Daryl Rees CEO
Piers Morgan CFO
++44 1480 437 697
U.K. Investor Relations
FD
David Yates
John Dineen
+44 207 831 3113