Phytopharm gets a Budget tonic

12 April 2012

CONCESSIONS on research and development made by Chancellor Gordon Brown in the Budget are saving biotech drugs developer Phytopharm £14,000 a month.

It is working on a series of cures for for a range of diseases including Alzheimer's and Parkinson's as well as treatments for obesity and eczema.

The group benefited in the six months ending February to the tune of £270,000 from earlier Budget tax credits on R&D. Chief executive Richard Dixey said this helped the group to expand its research programme. The R&D and testing programme for its portfolio of potential drugs is likely to see commercial products appearing on the market in 2006.

As talks continue with potential partners, losses amounted to £1.85m against £1.37m in the previous interim period. The shares fell 34p to 481p.

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