Phytopharm losses on the increase

Phytopharm of the UK has posted a pretax loss of just under L1.4 million($2.0 million) for the six months ended February 2001, a rise of 60.8%, while revenues fell to L682,000 from L1.6 million. The decline was due to the timing of a milestone payment from partner Pfizer in connection with P57, an appetite suppressant intended as a treatment for obesity, which has completed the first stages of a clinical trial (Marketletter April 16).

Phytopharm's chief executive, Richard Dixey, said the firm's four drug discovery platforms (obesity, Alzheimer's disease, eczema and inflammation) are revealing "multiple product opportunities."