Phytopharm narrows losses, pleases market
Phytopharm plc (PYM.L) said revenue grew by almost two third to £3.12m in the 13 months ended 30 September, while the operating loss narrowed slightly to £6.55m compared with £6.62m in the corresponding period last year.
The stock market was encouraged by the results, marking its shares up 1.5% to 33p, valuing the Cambridge-based group at around £18.35m
CEO Daryl Rees (pictured) said: "Phytopharm's new management team has delivered fully on its strategic objectives over the year.
“Hoodia extract, our weight management product partnered with Unilever, has entered the final stage of development prior to registration and commercial launch.
“We have seen good sales growth from our canine skin health product, Phytopica, partnered with Schering-Plough. Our pharmaceutical products Cogane and Myogane continued to make good progress during the year and we are now finalising strategic financial support from charitable organisations for the further development of these products, which will reduce our net development costs while increasing long term shareholder value”.Portfolio Highlights
29 November 2007
