Phytopharm lines up key partnerships
Cambridge plant-based pharma company Phytopharm is lining up potential partners ready to scale up in the neurodegenerative disease arena.
The scale of the commercial push hinges on results of Phase II clinical trials of its CONFIDENT-PD drug to treat Parkinson’s disease and a preclinical study of Cogane™ in ALS (motor neurone disease).
CEO Tim Sharpington said: “Over the past year the group has continued to focus on the development of its pharmaceutical pipeline whilst retaining tight financial control.
“Operationally, good progress has been made on the development of our lead program, Cogane™. Patient recruitment was completed in the CONFIDENT-PD Phase II clinical trial in Parkinson’s disease and the preclinical study of Cogane™ in ALS (motor neurone disease) was successfully completed, the results being supportive of progression into clinical trials.
“The results from CONFIDENT-PD, expected in February 2013, represent an important milestone for the Group and are eagerly awaited. Initial discussions have been held with potential partners and plans put in place for the next steps in the development of our pipeline assets, be that alone or in partnership with other companies, to ensure that we are well positioned to extract maximum value for our shareholders.” Phytopharm’s modest share price started to nudge northwards based on the pipeline potential.
The company reported a full-year loss after tax of £7.77 million (2011: £7.66m) to September 30 –in line with expectations. Sharpington said it reflected an ongoing focus on the development of the company’s pharmaceutical programmes (2011: £7.66m).
Cash burn is high: Phytopharm has cash and money market investments of £8.89m (down from £17.57m). “Based on our current expectations Phytopharm is financed to at least the end of Q1 2014,” said Sharpington.