Interim Management Statement

RNS Number : 2305R

Phytopharm PLC

18 August 2010

 



18 August 2010

Phytopharm plc

Interim Management Statement

Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm" or the "Company") today issues its Interim Management Statement ("IMS") which relates to the period from 1 April 2010 to 18 August 2010 and contains information up to the date of publication of this IMS.

Highlights for the period

·    USA regulatory approval received to begin Phase II clinical trial of Cogane™ with patient enrolment planned to begin in late 2010 and results expected in late 2012. The study will be conducted in leading movement disorder centres in the USA, UK, Canada, France and Germany.

·    Appointment of Tim Sharpington as Chief Executive Officer and as a Board Director with effect from 6 July 2010. Mr Sharpington has broad leadership and managerial experience in the pharmaceutical sector which will be highly valuable to Phytopharm.

Outlook

Phytopharm's priority remains on the progression of Cogane™ for the treatment of Parkinson's disease:

·    Following the FDA approval of the protocol for the Phase II proof of concept clinical trial, preparatory and regulatory activities are progressing well for the study which will investigate the efficacy, safety and tolerability of Cogane™ administered for 28 weeks to patients with early stage Parkinson's disease.  The primary endpoint for the study will be the change in activities of daily living and motor function as measured by the Unified Parkinson's Disease Rating Scale (UPDRS). Other efficacy endpoints are also included in the study.

·    In parallel, product development work on Cogane™ has been initiated to improve the commercial and technical viability of  the manufacture/drug formulation of Cogane™

The Board is actively evaluating the Group's activities outside of Cogane™, we will provide an update on early stage pipeline and other commercial assets on completion of the evaluation.

Notes to Editors

Enquiries Phytopharm plc Tim Sharpington, CEO [phone] Roger Hickling, R&D Director [phone]

U.K. Investor Relations FD Ben Atwell John Dineen [phone]

Phytopharm plc

Phytopharm is focused on the development of its pharmaceutical programmes and has a residual portfolio of functional foods. The Company has focused its research and development activities on areas of high unmet health needs to deliver cures and relieve suffering for longer healthier lives.

As a virtual company, the Company's business model is centred on a lean cash burn with all laboratory, manufacturing and clinical work outsourced to specialists, while core competencies such as strategy and management are maintained in-house. Close collaboration with charitable organisations enhances the Company's interaction with scientists and clinicians, who lead and develop expert opinion.

Phytopharm is listed on the Official List of the London Stock Exchange. Further information on Phytopharm is available from the Company's website www.phytopharm.com

Forward-looking statements

Certain information included in these statements is forward-looking and involves risk and uncertainties that could cause results to differ materially from those expressed or implied by the forward looking statements.

Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions, market estimates, the Company's plans and objectives for future operations, including future revenues, financial plans and expected expenditures and divestments.  All forward-looking statements in this report are based upon information known to the Company on the date of this announcement.  The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of the Company.

 

END

 

 

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