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

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