What's new...?
â– Failure of Cogane in Parkinson's treatment
â– Management waits on strategic review
â– Running as a cash shell
IC TIP:
Sell
at
1.83p
Long-time observers of the biotech industry will sympathise with the predicament of Cambridgeshire-based company Phytopharm (PYM) after the firm's lead drug candidate, Cogane, failed to show any benefit for sufferers of Parkinson's disease in a phase II trial. The reaction of the market was immediate, and brutal, with the shares losing 80 per cent of their value in a few hours earlier this week. The question now is what happens to Phytopharm, a company that has been on the UK scene since 1996, while it still has £5.5m cash in the bank, the equivalent of 75 per cent of its market value.