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Phytopharm sees lower cash burn

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Tue, 12/04/2007 - 13:39 — daniel

Phytopharm sees lower cash burn - LONDON (SHARECAST) - Drug developer Phytopharm has seen another year of heavy losses, but expects its cash needs to fall as its dietary supressant based on the Hoodia plant, and developed in conjunction with Unilever, enters final stage development.

Revenue in the year to September rose from £1.9m to £3.1m, reflecting Hoodia payments from Unilever and increased sales of canine skin treatment Phytopica. Turnover broke down £2.64m from Unilever and £0.48m of product sales of Phytopica though partner Schering-Plough. Losses for the year rose to £5.81m from £5.64m.

Phytopharm raised £1.68m through a placing in March, but its cash holdings had dropped to £2.24m by the year-end.

Taking into account future revenues from Phytopica and the funding by Unilever of the Hoodia programme, 2008 net cash outflow, funded from available resources, will be lower than in previous years, Phytopharm said.

Cash outflows in respect of Parkinson's treatment Cogane, and the rate of its development, may be favourably impacted through the funding by charitable organisations.
Source: ShareCast [Hoodia Information and News]

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