Phytopharm PLC
11 April 2002
April 11th 2002
Phytopharm plc
Opens new manufacturing unit in South Africa
Phytopharm plc (PYM: London Stock Exchange) ('Phytopharm') announces today that
it has completed the installation of a new botanical supplies unit in South
Africa to substantially expand the manufacturing capacity for its appetite
suppressant P57 in support of the further development of the product.
P57 is derived from an extract of Hoodia Gordonii, a South African succulent
plant. It was licensed in June 1997 by Phytopharm from the CSIR (Council for
Scientific and Industrial Research) in South Africa. In August 1998, an
exclusive world-wide licensing agreement was signed with Pfizer Inc for the
development and global commercialisation of P57 as an oral prescription drug to
treat obesity.
The successful completion of the proof of principle clinical study for P57 was
announced in December 2001. This study used raw materials manufactured in the
existing unit in South Africa. The new facility will expand the capacity for
processing the raw materials by 300 percent and a programme to process
substantial quantities of plant material is now underway.
Commenting on the announcement, Dr Richard Dixey, Chief Executive of Phytopharm,
said: 'Phytopharm continues to make strong progress in the development of P57,
as well as other products we hope to develop in our long-term collaboration with
the CSIR.'
The US market for treating obesity is estimated to be worth in excess of $3
billion, with annual costs relating to obesity-related diseases exceeding $75
billion (source IMS).
- Ends -
Enquiries:
Phytopharm plc
Dr Richard Dixey Tel: 01480 437697
Mobile: 07867 782000
Financial Dynamics
Jonathan Birt Tel: 0207 831 3113
NOTES TO EDITORS
Phytopharm plc
Phytopharm is the leading company in the development of Botanical
pharmaceuticals. Botanicals enable the rapid clinical evaluation of plant
medicines in chronic and poorly understood diseases. Where novel modes of action
are discovered, such research can form the basis for drug discovery platforms,
which enable the development of new medicines and the isolation of single
chemical entities of clinical importance. Phytopharm has four drug discovery
platforms in full development, for obesity and metabolic syndrome, neural and
muscular degeneration, inflammation and dermatitis.
Phytopharm is developing nine products based on its four drug discovery
platforms alongside a number of other projects in early evaluation phase.
More information concerning Phytopharm's activities can be found on its Web site
at http://www.phytopharm.co.uk
Recently representatives from the San Council and the CSIR announced the signing
of a Memorandum of Understanding linked to the P57 project. The press release
related to the announcement can be accessed on http://www.csir.co.za/plsql/
ptl0002/PTL0002_PGE013_MEDIA_REL?MEDIA_RELEASE_NO=1800500
This information is provided by RNS
The company news service from the London Stock Exchange
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