Shares digital

Plant based biotech Phytopharm (PYM:AIM) has won a $1.16 million funding package for its Parkinson’s disease treatment Cogane from the Michael J Fox Foundation. The grant will be used to help fund the products pre-clinical development which has so far shown signs that it could help reverse the changes in the brain which cause the disease.

Cogane had initially been targeted at treating Alzheimer’s disease but this course was ended after it reported disappointing Phase II results. The company is also developing a weight loss product with consumer giant Unilever (ULVR), which is expected to launch in 2009. Shares have plummeted from highs over 60p last year to lows around 24p giving it a market cap of just £13.9 million.

Shares says: The Unilever deal is promising and updates could provide a fillip for the shares.

by: Susanna Twidale