Phytopharm shares jump by 350pc on drug hopes
BIOTECH minnow Phytopharm yesterday reported promising early test results with its Parkinson’s disease drug Cogane propelling the stock as much as 350 per cent higher.
In an 18-week study funded by the Michael J. Fox Foundation, a Parkinson’s research charity, Cogane reduced Parkinsonian disability by 43 per cent in macaque monkeys – a result which would be extremely impressive if repeated in humans.
Its new drug Cogane remains a long way from reaching the market but analysts said encouraging results of the latest experiments on animals and initial trials in humans showed it had promise.
“Today’s impressive clinical and pre-clinical data demonstrate the potential for Cogane to become the first disease-modifying therapy in the fast-growing $11bn Parkinson’s disease market,” said KBC Peel Hunt analyst Paul Cuddon. The shares closed up 345 per cent to 27.3p.