This urgent review will include an assessment of the Company’s operating structure to ensure that it is functioning in the most cost effective manner and with an appropriate executive team in place. We intend to update shareholders with the results of our review as soon as is practicable.
The Company remains stable with a healthy cash balance. In order to maintain our priority programmes, it is our intention to achieve substantial cost savings while continuing to pursue sources of non-dilutive revenue as we move forward into 2009.
Once the agreements with Unilever have been formally terminated, the Board will re-assess opportunities for Hoodia extract, utilising the considerable body of pre-clinical and clinical data that has been developed over the past four years. This will allow the Board to explore alternative product formats and seek suitable partners to further develop or acquire this valuable product line.
The Board also intends to conduct a Phase IIa one month clinical study on Cogane™ to investigate the safety, tolerability and pharmacokinetic profile in Parkinson’s disease patients. Following the completion of this study, the Company would look to jointly develop or outlicense Cogane™ with a pharmaceutical company. In the case of Myogane™, the Company intends to conduct a similar Phase IIa study in patients with motor neurone disease (ALS), but only if sufficient funds are available from non-dilutive sources to fund this trial. The Company would look for a pharmaceutical company to acquire or outlicense this product subsequent to the completion of the trial.
We thank our employees for their loyalty and cooperation during this difficult time.
Mr Alistair Taylor, Chairman 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 food and beverage product, we have compiled a substantial dataset which will allow us to explore alternative product formats for the commercialisation of Hoodia. Once a satisfactory termination agreement has been agreed with Unilever, we expect to take further steps to build on this foundation and seek other partners to further develop Hoodia and bring this exciting opportunity to market. Our pharmaceutical products Cogane™ and Myogane™, after a delay due to additional work on formulation, continue to make Phytopharm plc (PYM: London Stock Exchange) (“Phytopharm” or the “Company”) announces today its preliminary results for the year ended 30 September 2008. Comparative figures are for the thirteen month period ended 30 September 2007.
The recent departure of the CEO and CFO and the ongoing discussions with Unilever to terminate the agreements for the development and commercialisation of Hoodia extract have been very challenging for this small Company.
The Board are presently assessing the strategic options of the Company with a view to enhancing shareholder value as well as preserving valuable cash resources.
This urgent review will include an assessment of the Company’s operating structure to ensure that it is functioning in the most cost effective manner and with an appropriate executive team in place. We intend to update shareholders with the results of our review as soon as is practicable.
The Company remains stable with a healthy cash balance. In order to maintain our priority programmes, it is our intention to achieve substantial cost savings while continuing to pursue sources of non-dilutive revenue as we move forward into 2009.
Once the agreements with Unilever have been formally terminated, the Board will re-assess opportunities for Hoodia extract, utilising the considerable body of pre-clinical and clinical data that has been developed over the past four years. This will allow the Board to explore alternative product formats and seek suitable partners to further develop or acquire this valuable product line.
The Board also intends to conduct a Phase IIa one month clinical study on Cogane™ to investigate the safety, tolerability and pharmacokinetic profile in Parkinson’s disease patients. Following the completion of this study, the Company would look to jointly develop or outlicense Cogane™ with a pharmaceutical company. In the case of Myogane™, the Company intends to conduct a similar Phase IIa study in patients with motor neurone disease (ALS), but only if sufficient funds are available from non-dilutive sources to fund this trial. The Company would look for a pharmaceutical company to acquire or outlicense this product subsequent to the completion of the trial.
We thank our employees for their loyalty and cooperation during this difficult time.
Mr Alistair Taylor, Chairman 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 food and beverage product, we have compiled a substantial dataset which will allow us to explore alternative product formats for the commercialisation of Hoodia. Once a satisfactory termination agreement has been agreed with Unilever, we expect to take further steps to build on this foundation and seek other partners to further develop Hoodia and bring this exciting opportunity to market. Our pharmaceutical products Cogane™ and Myogane™, after a delay due to additional work on formulation, continue to make solid progress towards our goal of outlicensing or partnering the development of these products.”
For further information about Phytopharm please see our website at http://www.phytopharm.com
