Phytopharm In First International JV

Phytopharm of the UK, which develops plant-based pharmaceuticals, hasreached an agreement with Indonesian firm Phytochemindo to evaluate and develop a drug from the extract of a single plant species for the treatment of osteoarthritis and Crohn's disease.

The two firms will form a joint venture, which will be 51%-owned by Phytopharm, to develop the product before it is licensed to Phytopharm, which will retain the rights to distribute and market it globally, excluding Indonesia.

Phytopharm said that the product being jointly developed is based on a plant extract, which has been used as an anti-inflammatory in Ayurvedic medicine for many years. Extracts of this plant are known to contain phytochemicals, which inhibit the production of inflammatory mediators, and the extract actually appears to protect the gastrointestinal tract, said the firm, unlike conventional non-steroidal anti-inflammatory products. Phytopharm said that there is also anecdotal evidence to suggest that the extract may have long-term benefit in relieving the symptoms of osteoarthritis.