Phytopharm PLC
10 April 2006
Company Contact: U.K. Investor Relations Contact:
Phytopharm plc Financial Dynamics
Dr Richard Dixey David Yates / Ben Atwell
+44 7867 782000 +44 207 831 3113
Dr Daryl Rees
+44 1480 437 697
www.phytopharm.com
Phytopharm successfully progresses to second stage of Joint Development
Agreement for Hoodia gordonii extract with Unilever
Second stage includes clinical safety studies
GODMANCHESTER, Cambridgeshire, U.K. (10 April 2006) - Phytopharm plc (LSE: PYM;
NASDAQBB: PHYOF; PHYOY) ('Phytopharm') announces today that it has successfully
completed the first stage of the Joint Development Agreement for Hoodia gordonii
extract with Unilever and will now progress to the second stage which includes
clinical safety studies.
Under the terms of the agreement, Phytopharm and Unilever are collaborating on a
five-stage research and development programme of safety and efficacy studies
with a view to bringing new weight management products to market. As part of the
agreement announced in December 2004, Unilever committed to initial payments of
approximately £6.5 million for the first stage and for the second stage have now
committed to a further £3.5 million out of a potential total of £21 million in
payments to Phytopharm. In addition Phytopharm will receive an undisclosed
royalty on sales of all products containing the extract. Unilever is also
managing a separate agronomy programme and supporting the international patent
programme for the products.
Phytopharm licensed the global patent rights for the extract of Hoodia gordonii,
a plant indigenous to South Africa, for incorporation into weight loss products
from the South African Council for Scientific and Industrial Research (CSIR) in
1997.
Commenting on today's announcement, Richard Dixey, Chief Executive Officer of
Phytopharm, said:
'We are delighted with our collaboration with one of the world's leading food
companies. Our partnership with Unilever provides a fully funded programme and
we look forward to generating royalty income from our partner's globally
recognised brands.'
Commenting on today's announcement, Kevin Povey, Project Leader at Unilever,
said:
'We are satisfied with the good progress to date and look forward to advancing
this product through clinical trials.'
-ENDS-
NOTES TO EDITORS
Obesity has reached epidemic proportions globally, with more than 1 billion
adults overweight - at least 300 million of them clinically obese - and is a
major contributor to the global burden of chronic disease and disability
(Source: World Health Organisation).
Phytopharm plc
Phytopharm is focused on the research and development of novel pharmaceutical
and functional food products based on clinical and pre-clinical data generated
from medicinal plant extracts. The Company has seven development programmes in
four disease areas: neurodegeneration, obesity and metabolic disease,
dermatology and inflammation and has a portfolio of two marketed veterinary
products.
More information concerning Phytopharm's activities can be found on its web site
at
http://www.phytopharm.com
This press release may contain forward-looking statements within the meaning of
Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934 with respect to the financial condition, results
and business achievements/performance of Phytopharm and certain of the plans and
objectives of its management. These statements are statements that are not
historical facts. Words such as 'should', 'expects', 'anticipates',
'estimates', 'believes' or similar expressions, as they relate to Phytopharm,
are intended to identify forward-looking statements. By their nature, forward-
looking statements involve risk and uncertainty because they reflect
Phytopharm's current expectations and assumptions as to future events and
circumstances that may not prove accurate. There is no guarantee that the
expected events, trends or results will actually occur. Any changes in such
assumptions or expectations could cause actual results to differ materially from
current expectations./
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.