Loss of Hoodia hits Phytopharm sales
Phytopharm's turnover plummeted in the six months to March 31, 2009, following the abandonment of its Hoodia program, which deepend the UK-based firm's loss.
Phytopharm generated just GBP716,170 ($1.0 million) in revenue, down 48% due to the termination of the firm's accord with Unilever for Hoodia weight-loss plant extract (Marketletter November 24, 2008).
The company's net loss increased to GBP2.2 million, versus a deficit of GBP1.8 million. However, due to a restructuring program, the firm's loss per share was 2.3 pence vs 3.1 pence. As of March 31, Phytopharm had GBP730,849 in cash and cash equivalents, 92% lower year-on-year.
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