Phytopharm goes into free-fall, as Cogane fails in key Parkinson's trial

UK drug developer Phytopharm (LSE: PYM) saw its shares plummet 80% to 2 pence (on February 18), after the company announced disappointing results of the Phase II, randomized, double blind, placebo controlled, dose-ranging trial of Cogane (PYM 50028) in unmedicated patients with early-stage Parkinson’s disease (CONFIDENT-PD).

Analysis of the headline results indicated that Cogane had no beneficial effects on patients’ symptoms measured by the primary or secondary endpoints in the study. The full results of the study will be published in an appropriate scientific forum in due course.

Phytopharm said a review of strategic options for the company will be initiated by the board and shareholders will be kept informed of progress, noting: “No further R&D expenditure will be committed whilst this review is taking place.”