Last checked at 4 Oct 2011 07:00
4 October 2011
Company Contact: Phytopharm plc Tim Sharpington CEORoger Hickling R & D Director+44 1480 437 697 www.phytopharm.com | U.K. Investor Relations Contact: FTI Consulting John DineenBen Atwell+44 207 831 3113 |
Phytopharm is Awarded a Technology Strategy Board Grant to Support the Development of Myogane™ in Glaucoma
Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm" or the "Company") today announces that it has been awarded a grant by the Technology Strategy Board to provide funding to support the evaluation of Myogane™ in an in vivo preclinical model of glaucoma.
Myogane™ has the potential to be a neuro-protectant treatment of glaucoma. Glaucoma is a neurodegenerative disease of the eye affecting 60 million people and is the second leading cause of blindness worldwide. Current treatments of glaucoma are predominantly targeted at reducing intra ocular pressure within the eye, however the remains a major unmet medical need for treatments which can slow the underlying neurodegenerative disease process.
Myogane™ has demonstrated neuro-protective and neuro-restorative effects in a range of neuronal cell types including retinal ganglion cells, which are the cells affected in glaucoma. Myogane™ exhibits it's effect via the modulation of neurotrophic factors, naturally occurring proteins which protect and promote the growth of neurones and which have been shown to be effective in protecting against neurodegeneration in a number of models of glaucoma.
The study, if positive, will support the further clinical development of Myogane™ in glaucoma. Myogane™ is a small molecule drug which has been shown to have good oral bioavailability when dosed once daily in Phase I studies.
About Phytopharm
Phytopharm is focused on the development of pharmaceutical products in areas of high unmet health needs. 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 and leading scientists and clinicians help guide the company's research and development activities.
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
About the Technology Strategy Board
The Technology Strategy Board is a business-led government body which works to create economic growth by ensuring that the UK is a global leader in innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org
The funding award was made through the Grant for Research and Development scheme, which is managed by the Technology Strategy Board. The scheme offers funding to small and medium-sized enterprises (SMEs) to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services could emerge. The scheme supports R&D projects which offer potentially significant rewards and could stimulate UK economic growth.
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.