StockMarketWire.com - Pharmaceutical company Phytopharm plc said that based on current expectations it is financed to the end of 2013.

In an interim management statement for the period from October 1, the company reported its financial performance has been in line with management expectations.

Cost savings activities and a reduction in headcount had been successfully undertaken.

In addition to concentrating resources on its lead programme Cogane, the company had initiated the next stage of development in a number of new pharmaceutical programmes.

Recruitment of patients with Parkinson's disease into the multi-national Cogane Phase II dose ranging study began in November. There was encouraging early data from a recently initiated programme investigating the effect of Cogane and Myogane in glaucoma.

The period also included initiation of an in-vivo model investigating the effect of Cogane in amyotrophic lateral sclerosis, with the support of the Motor Neurone Disease Association, and re-activation of the P61 anti-inflammatory project.

R&D activity ceased on legacy functional food programmes, resulting in a reduction in headcount and costs.

A co-operation agreement was signed with the Council for Scientific and Industrial Research in South Africa, which will fund future development and commercialisation of Hoodia gordonii as an appetite suppressant.

Shares were up 0.14p at 9.38p.


Story provided by StockMarketWire.com