Phytopharm - Appointment of CEO
GODMANCHESTER, Cambridgeshire, U.K. 21 June 2010 -Phytopharm plc (LSE: PYM) ("Phytopharm" or the "Company") today announces the appointment of Mr Tim Sharpington as Chief Executive Officer and as a Board Director with effect from 06 July 2010.
Mr Sharpington has nearly 20 years' experience in the life sciences sector with various biotechnology and pharmaceutical service companies in Europe and the USA. He has broad experience across drug development, in-licensing, M&A as well as fund raisings.
In 2002, Mr Sharpington was appointed as Development Director at Arakis Ltd, a UK based inflammatory and CNS focused company where he led the development of four projects from concept to Phase II, participated in the licensing of its lead product to Novartis and also had a pivotal role in the successful sale of Arakis to Sosei in 2005 for ?? million.
After leaving Arakis Mr Sharpington founded and became CEO of Serentis Limited in 2006 where he led a ? million venture capital fundraising and the development of two dermatology products to Phase II.
Mr Sharpington is also a Non-Executive Director of Clinical Force Limited, a clinical trial software and service company.
There are no disclosures to be made under paragraphs 9.6.13R of the Listing Rules in respect of Mr Sharpington.
Upon Mr Sharpington taking up office, Mr Sandy Morrison, the interim CEO will revert to his position as a Non-Executive Director.
Alistair Taylor, Chairman commented: "Tim has excellent broad managerial experience in the pharmaceutical sector. This will be highly valuable to Phytopharm and we are delighted to welcome him as CEO and a member of the Phytopharm Board at this important time. The Board would like to acknowledge the significant contribution made by Sandy as interim CEO during a key period in the Company's development. We look forward to continuing to benefit from his experience."
Phytopharm plc Sandy Morrison, CEO +441480 437 697
Alistair Taylor Non-executive Chairman +44 1480 437 697
U.K. Investor Relations FD Ben Atwell John Dineen +44 20 7269 7193
Notes to Editors Phytopharm is focused on the development of its pharmaceutical programmes and has a residual portfolio of functional foods. The Company's products are developed predominantly from medicinal plants, thereby reducing the development risk of a product. The Company has focused its research and development activities on areas of high unmet health needs to deliver cures and relieve suffering for longer healthier lives. As a virtual company, the Company's business model is centred on a lean cash burn with all laboratory, manufacturing and clinical work outsourced to specialists, while core competencies such as strategy and management are maintained in-house. Close collaboration with charitable organisations enhances the Company's interaction with scientists and clinicians, who lead and develop expert opinion. Cash grants from them accelerate the Company's development programmes, thereby increasing their value.
Phytopharm is listed on the Official List of the London Stock Exchange. Further information on Phytopharm is available from the Company's website www.phytopharm.co.uk<http://www.phytopharm.co.uk>.
Pharmaceutical programmes Phytopharm currently has two pharmaceutical products in clinical development, CoganeTM and MyoganeTM. CoganeTM is an orally active, neurotrophic factor being developed as a disease modifying agent for Parkinson's disease and Alzheimer's disease and also has the potential as a treatment for other neurodegenerative diseases. MyoganeTM is an orally active neurotrophic factor inducer being developed as a disease modifying agent for ALS (also known as Lou Gherig's disease) with the potential to treat other orphan neurodegenerative diseases.
Phytopharm has two further products in preclinical development, PYM60001 series for Asthma and COPD, and PYM60086 for vascular dementia.
Certain information included in these statements is forward-looking and involves risk and uncertainties that could cause results to differ materially from those expressed or implied by the forward looking statements.
Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions, market estimates, the Company's plans and objectives for future operations, including future revenues, financial plans and expected expenditures and divestments. All forward-looking statements in this report are based upon information known to the Company on the date of this announcement. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events of otherwise.
It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of the Company.
Mo Noonan Senior Manager Financial Communications
[http://www.fd.com/images/Logos/FD-square-logo.gif]<http://www.fd.com/> Holborn Gate, 26 Southampton Buildings London, WC2A 1PB T +44 (0)20 7269 7116 F +44 (0)20 7242 8676 M +44 (0)7876 444 977 www.fd.com