Phytopharm's fat profit hope
Article Date: Apr 10 2001Shares in pharmaceutical group Phytopharm have been boosted by the successful completion of first stage tests on its anti-obesity treatment, code-named P57, writes Nancy Smith.
Phytopharm's P57, an appetite suppressant, showed positive results when tested on obese volunteers for safety, tolerability and the effect on calorie intake. The drug, which is licensed to US pharmaceutical giant Pfizer, is currently going through second stage testing to help identify the correct dosage of the developing product.
Phytopharm chief executive Dr Richard Dixey says the company is encouraged by 'the rapid progress of this principle study'. Fully listed Phytopharm only started the tests at the beginning of March. Phytopharm, which specialises in taking plant-based substances and developing them into clinical drugs, is working on a number of other drugs. These include a hair loss cream and a treatment for inflammatory bowel disease, both of which are in Phase II trials.
Shares in Phytopharm have been hit by market volatility and have more than halved since hitting a 12-month high of just under £9 at the start of the year. But the market has been encouraged by the progress of the P57 tests, since, if successfully developed, the drug could address a multi-billion dollar worldwide problem - and market.
The shares rose 9 per cent today to 386.5p.
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