Phytopharm has booked sales of £3.12 million for the 13 months to September 2007*, marking a rise of 66% over the prior 12-month period, but losses stayed relatively flat at £5.81 million ($5.64 million in 2006).
The boost in revenues was generated from the group’s two collaboration deals: £2.64 million came from its partnership with Unilever for the development of Hoodia extract for weight management; and £480,000 was from Schering-Plough for the global sales, marketing and distribution of Phytopica for canine skin health.
The group sank £7.50 million into development during the 13-month period, compared to £6.54 million for the twelve months ended August 31, 2006, and selling, general and administrative expenses were up 17.8% to £1.92 million, countering the rise in sales to keep losses flat.
During the period, the company’s pipeline continued to develop well: its Hoodia extract is nearing launch after entering the final stage of development prior to registration; and the pharmaceutical candidates Cogane for Alzheimer’s disease and Myogane for amyotrophic lateral sclerosis also progressed well, and the group says it is “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”.
Commenting on the performance during the year, Phytopharm’s chief executive Dr Daryl Rees said that the firm’s “new management team has delivered fully on its strategic objectives over the year..,We look forward with confidence to building on our achievements and reporting on our progress during the coming year.”
* During the period Phytopharm changed its financial year-end to September 30 for administrative reasons.
