Phytopharm shares advance on strategic review update

Development stage pharmaceuticals group Phytopharm has unveiled an update on its on-going strategic review which was initiated following the announcement of headline results from its Phase II clinical trial of Cogane in Parkinson's disease.

Development stage pharmaceuticals group Phytopharm has unveiled an update on its on-going strategic review which was initiated following the announcement of headline results from its Phase II clinical trial of Cogane in Parkinson's disease.

On February 18th, Phytopharm announced that analysis of headline results from its Phase II clinical trial of Cogane in Parkinson's disease indicated that the drug had not demonstrated clinically meaningful efficacy.

In its most recent update, the company said that a full analysis of the complete dataset had now been completed confirming the initial view that no efficacy was demonstrated in the primary or secondary endpoints measured in the study.

"As a result of these findings, no further research and development expenditure will be committed and a staff reduction and cost saving programme has been initiated," the group said.

The group added that it had also initiated a review of the strategic options available to the company, which included the review of a number of merger and acquisition opportunities.

Exploratory discussions had been held with a number of parties, the group added.

Phytopharm's share price was up 3.33% to 1.55p at 10:29 on Tuesday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021