Phytopharm views options, including merger, as Cogane fails
UK-based Phytopharm (LSE: PYM: London Stock Exchange), ahead of its annual general meeting today (March 27) stated that, following the disappointing Phase II clinical trial with its Parkinson’s disease drug candidate Cogane (PYM 50028), it has initiated an update on the on-going strategic review of the company’s options, which could include a merger or acquisition of the firm.
The news saw an initial 3.3% rise in the company’s stock price to 1.55 pence, but this morning the shares declined 5.2% to 1.47 pence, giving the company a market capitalization of £5.1 million ($7.8 million).
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