Ixico Regulatory News (IXI)

15 Jan 2010 07:00



15 January 2010

Phytopharm Announces appointment of Research and Development Director

GODMANCHESTER, Cambridgeshire, U.K. (15 January 2010) - Phytopharm plc (LSE: PYM) ("Phytopharm" or "the Company") today announces the appointment of Mr Roger Hickling as the new Research and Development Director and as a Board Director with immediate effect.

Mr Hickling has a BSc in Chemistry from Kings College, University of London and over 30 years experience in pharmaceutical R & D. This includes management of development portfolios and projects from preclinical through to Phase IV covering a range of disease areas. 

In addition, Mr Hickling has extensive experience in international regulatory affairs, including clinical trials and marketing applications. 

Between 1976 and 1998 Mr Hickling worked at SmithKline Beecham where he oversaw both in-house and partnered early stage neuroscience development projects.

Mr Hickling held a variety of positions at several pharmaceutical companies between 1998 and 2009 including Alizyme Therapeutics plc. He was appointed to the Board of Alizyme as R & D Director in 2006 with responsibility for R & D strategy development, all R & D operations and staff.

There are no further disclosures to be made under paragraphs 9.6.13R of the Listing Rules and 3.1.2R of the Disclosure Rules in respect of Mr Hickling.

Keith Thomson, the Interim COO, will be working closely with Mr Hickling during the coming weeks before stepping down later in Q1, 2010. 

As indicated in the successful Phytopharm Placing and Open Offer prospectus in December 2009, the intention is to secure the services of a new CEO to strengthen the Board further. The search for a new CEO is now also underway and is progressing as planned. Further announcements will be made when the selection process is completed.

Alistair Taylor, Chairman commented: "We are delighted to welcome Roger to the Phytopharm Board. His knowledge and experience of product development and regulatory aspects in particular will prove a valuable resource to the Phytopharm Board. Roger's appointment strengthens our ability to drive our research and development programmes forward following our successful fundraising in December 2009".

Notes to Editors 

Phytopharm is focused on the development of its pharmaceutical programmes and has a residual portfolio of functional foods. The Company's products are developed predominantly from medicinal plants, thereby reducing the development risk of a product. 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. Cash grants from them accelerate the Company's development programmes, thereby increasing their value.

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.co.uk.

Pharmaceutical programmes

Phytopharm currently has two pharmaceutical products in clinical development, Cogane™ and Myogane™. Cogane™ is an orally active, neurotrophic factor being developed as a disease modifying agent for Parkinson's disease, Alzheimer's disease and Huntington's disease and also has the potential as a treatment for other neurodegenerative diseases. Myogane™ is an orally active neurotrophic factor inducer being developed as a disease modifying agent for ALS (also known as Lou Gherig's disease) with the potential to treat other orphan neurodegenerative diseases. 

Phytopharm has two further products in preclinical development, PYM60001 series for Asthma and COPD, and PYM60086 for vascular dementia.

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 of 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.