UK pharmaceutical botanical company Phytopharm today reported preliminary results for the year ended 31 August 2002, including turnover of £2.7 million (€4.2m) for the year compared to £1.5 million in 2001. This includes development income under the licensing agreement with Pfizer for P57, Phytopharm's appetite suppressant.
The company added the turnover also includes reimbursement of the 'proof of concept' clinical study completed at the end of 2001 and further manufacturing and other work to prepare for the next clinical study.
Overall operating expenses for the year of £7.03 million are £2.02 million higher than theprevious year, an increase of 40 per cent. Within those totals expenditure on researchand development rose by 49 per cent (£1.97m) to £6 million, reported the company, with administration costs also increasing by 5 per cent to £1.02 million.
The increase in research and developmentexpenditure is due to increased expenditure across the group's portfolio ofproducts, it said.
The company has also opened a new botanical supplies unit in South Africa to expand manufacturing capacity of P57 and initiated its own novel synthetic programme for obesity (P64).
Dr Richard Dixey, chief executive of Phytopharm, said: "Phytopharm's focus on its four key platforms has allowed the group to generatestrong intellectual property and to move into related disease processes with newchemical forms. In addition to the eight products we had in development at thebeginning of the year, two further projects have entered full development during2002. We continue to generate strong product progress within tightly controlledoperational costs and are on target to meet all our deliverables during 2003."