26 March 2013--Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm", the "Group" or the "Company") today announces an update on the 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. The update will also be provided to shareholders attending the Company's AGM today.
On the 18th February Phytopharm announced that analysis of the headline results from its Phase II clinical trial of Cogane™ in Parkinson's disease indicated that the drug had not demonstrated clinically meaningful efficacy. A full analysis of the complete dataset has now been completed, which confirms 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.
After discussions with major shareholders the Board has initiated a review of the strategic options available to the Company which includes the review of a number of merger and acquisition opportunities. Exploratory discussions have been held with a number of parties and further updates will be made as appropriate.
Notes to Editors
Enquiries
Phytopharm plc
Tim Sharpington, CEO
Roger Hickling, R & D Director
+44 1480 437 697
Corporate Brokers
Peel Hunt LLP
James Steel
Vijay Barathan
+44 207 418 8900
U.K. Investor Relations
FTI Consulting Limited
Ben Atwell
John Dineen
+44 207 831 3113