Small caps round-up: Orchid, Iofina, Phytopharm

Cash is extremely tight at the Bulgaria focused property company Orchid Developments Group, especially after a recent planned sale asset failed to go ahead for reasons beyond the control of Orchid. The firm has warned that it 'cannot be certain that it can continue to operate with the full support of its creditors', meaning that its cash position is now more uncertain than previously stated. Consequently, the group is now considering the best way to address its immediate working capital needs.

By MoneyWeek

published 16 August 2012

Iodine maker Iofina has successfully commissioned its IO#1 plant, marking a significant milestone for the firm. The tie-in to the electricity grid was completed on schedule in early August. The firm has now commenced processing iodine-rich brine from the producer's salt water disposal site and the company is now on track to become a major iodine producer.

Phytopharm, a developer of pharmaceuticals, is expecting the headline results from its phase two clinical study on its Cogane product in patients with Parkinson's disease in February 2013, saying it has already demonstrated efficacy in the "gold standard" pre-clinical model of ALS, the most common form of motor neurone disease. The firm is growing confident that the drug offers a potential treatment for the condition. The company is now preparing for a phase one study to evaluate Cogane solid dose formulations for up to 28 days.