Phytopharm receives second milestone payment from Alzheimer's collaboration
UK company Phytopharm, which specialises in the development of plant-based medicines, has received a second milestone payment of US$2m from Japanese company Yamanouchi Pharmaceutical Co.
UK company Phytopharm, which specialises in the development of plant-based medicines, has received a second milestone payment of US$2m from Japanese company Yamanouchi Pharmaceutical Co.
The payment follows receipt by Yamanouchi of the results of the phase I study of its orally active, synthetic, neuroprotective and neuroregenerative product, PYM50028, which is under development as a treatment for Alzheimer's disease.
This data was also considered by the UK Medicines and Healthcare Products Regulatory Agency, which granted a clinical trial exemption (CTX) certificate in December, enabling Phytopharm to commence a Phase II study in the UK with the material.
In May last year Phytopharm entered into a licensing agreement with Yamanouchi for the development and commercialisation of PYM50028 in Japan and other Asian territories. A total potential milestone stream of $33m is payable during the course of development of the product, and Phytopharm has now received two milestones amounting to $5m from this total. A further $15m is potentially payable over the next 18 months.
PYM50028 arose from research into the activity of an Asian medicinal plant. In preclinical studies, this synthetic chemical has been shown to be neuroprotective, to reverse the decrease of neuronal growth factors and to reverse neuronal degeneration ob-served in the ageing brain. Importantly, it was observed to restore levels of proteins that are altered in the ageing brain, returning them to levels seen in the young and causing beneficial neurite outgrowth and branching.
'We continue to make strong progress in the development of this potentially important medicine,' said Dr Richard Dixey, ceo of Phytopharm.