Six-Month Loss For Phytopharm

Phytopharm, a UK-based biotechnology company that is developingprescription pharmaceuticals from plants, said that the six-month period ended February 27 was characterized by a process of consolidation. The firm achieved a net loss during the period of L1.2 million ($1.9 million), compared with profits a year earlier of L133,000. The fall into the red was said to be "entirely in line with expectations, and is chiefly attributable to increased R&D expenditure." Revenues declined to L9,000.

The company has suffered a setback, with the UK Medicines Control Agency requesting that further research be conducted before it can approve Zemaphyte, which Phytopharm is developing for the treatment of eczema. It is planning to submit an Investigational New Drug application for the product in the USA at the end of July.