[Pirateninfo] Hoodia-News

[pcl at jpberlin.de]

PHYTOPHARM RAISES FUNDS FÜR OBESITY PROJECT 

Phytopharm has strengthened its balance sheet 
through a (6.5 million share placing aimed at securing a development 
partner tor its lead project, P57, tor the treatment of obesity. 
The project was in development with Pfizer, but the US company 
terminated its involvement last year, causing Phytopharm's share 
price to plunge. The shares have since recovered, and Phytopharm 
decided to seek a non- pharmaceutical partner tor the project, which 
it is now aiming to launch as a meal replacement. 
Last December, it said it was in detailed talks with tour potential 
partners selected tram around 45 that had shown interest in P57. 
However, its CEO, Richard Dixey, appeared to rule out additional 
fundraising, saying at the time that the company would have 
sufficient cash through existing and potential future licensing 
deals. 

...7% discount 

The (6.5 million ((6.3 million after expenses) was raised through the 
placing of 3.9 million new shares, representing just under 10% of its 
issued share capital, with a range of institutional investors. The 
shares were placed at 167 pence each -around a 7% discount to 
Phytopharm's closing share price on February 24th. 
The company is expanding its raw material production capacity tor 
P57, which is based on the Hoodia gordonii plant, a traditional 
appetite suppressant used by Kalahari bushmen. A product tram its 
second lead project, P58, recently entered Phase 11 studies in 
collaboration with 
Yamanouchi. 

The new shares were placed by Nomura International slang with 
Canaccord Capital (Europe), which has just been named Phytopharm's 
joint stockbroker. 

Quelle: Scrip No. 2931, 03 March 2004