Last checked at 14 Nov 2008 13:00
Phytopharm plc
Update
GODMANCHESTER, Cambridgeshire, U.K. (14 November 2008) - Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm" or the "Company") today provides the following update:
Hoodia extract
The Company is in discussions with Unilever, its partner for the development of Hoodia extract as a functional food targeting weight management, with a view to mutually terminating their agreements. Unilever and Phytopharm originally signed a licence and joint development agreement of the development and commercialisation of Hoodia extract in December 2004. Hoodia extract is a novel appetite suppressant that has been shown to reduce caloric intake in overweight subjects, as previously announced by Phytopharm.
Data from a recent clinical study using Hoodia extract in a drink-based product have led Unilever to conclude that it is unsuitable to be taken forward by Unilever. As a consequence, the parties are discussing the terms of termination. Phytopharm believes, however, that the pre-clinical and clinical data of Hoodia extract encourage further study of Hoodia for obesity, as well as for pharmaceutical and veterinary applications.
Alistair Taylor, Chairman of Phytopharm, commented: "Over the past four years we have generated a considerable body of pre-clinical and clinical data on Hoodia with Unilever. Whilst Hoodia has not been found to be suited for a Unilever branded product, we have compiled a substantial dataset which will allow us to explore alternative product formats for the commercialisation of Hoodia. We will now take further steps to build on this foundation and seek other partners to further develop Hoodia and bring this exciting opportunity to market."
Financial position
There has been no material change in the financial position of the Company since the Interim Management Statement issued on 3 July 2008 and cash and cash equivalents are currently estimated to be approximately £7 million.
Cogane™ and Myogane™
The Cogane™ and Myogane™ clinical programmes continue in line with the Board's expectations as well as previous announcements made by the Company.
Directors / management
In the interim period until a new executive team is appointed, Mr Alexander Morrison, a non-executive director of the Company and the former Chief Executive of Lipton Limited, will take over the role of acting CEO of Phytopharm. He will be supported in the financial role by Phytopharm's Head of Finance until a new CFO is appointed.
Preliminary results
The Company expects to announce its preliminary results for the year ending 30 September 2008 on 27 November 2008 as previously stated.
-Ends-
| Enquiries Phytopharm plc Alistair Taylor, Chairman Sandy Morrison, Non-executive Director +44 1480 437 697 | U.K. Investor Relations FD David Yates John Dineen +44 207 831 3113 |
Notes to Editors
Phytopharm plc
Phytopharm is a pharmaceutical development and functional food company. Our products are developed from medicinal plants, thereby reducing the development risk, cost and time to market. As a virtual company, Phytopharm's model is centred on a lean cash burn with all laboratory, manufacturing and clinical work out-sourced to specialists, while core competencies such as strategy and management are maintained in-house. Close collaboration with charitable organisations enhances our interaction with worldwide specialists and accelerates our development programmes increasing their value.
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 release. 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.
For further information about Phytopharm please see our website at http://www.phytopharm.com