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Re: Equity Issue
Phynova Group plc
("Phynova")
Re: equity issue
Phynova Group plc (AIM: PYN), the developer of prescription pharmaceuticals derived from plants used in Chinese medicines, today announces that, further to the announcements issued by the Company on 27 March, 3 April and 10 April 2008 concerning the receipt of commitments to provide funds in excess of £1.1 million through a placing of ordinary shares in the Company ("New Ordinary Shares"), it has allotted, subject to admission to AIM, 177,500 New Ordinary Shares at 40 pence each. The investors subscribing for these shares do not intend to take advantage of the reliefs available under the UK Government´s Enterprise Investment Scheme ("EIS").
Application has been made for these shares to be admitted to trading on AIM. Admission and trading is expected to commence on 18 April 2008.
In all, a total of 3,033,426 New Ordinary Shares have been issued at a price of 40 pence each during the period 27 March to 14 April 2008.
- Ends -
For further information, please contact:
Phynova Group plc +44 (0) 1993 880700
Robert Miller, Chief Executive Officer www.phynova.com
Nominated Adviser:
Nabarro Wells & Co. Limited +44 (0) 20 7634 4858
Marc Cramsie
Broker:
Evolution Securities China Limited +44 (0) 20 7220 4850
Barry Saint
Media enquiries:
Abchurch Communications +44 (0) 20 7398 7700
Peter Laing/Ashley Tapp/Stephanie Cuthbert
ashley.tapp@abchurch-group.com
www.abchurch-group.com
Notes to Editors:
About Phynova
Phynova is a UK company developing prescription pharmaceuticals derived from plants used in Chinese medicines. Phynova is focused on viral and metabolic diseases and cancer. Phynova´s lead product for Hepatitis C has now completed a Phase I/II trial in the US and the Phase IIb trial is scheduled to commence in the first half of 2008. Two further products, for fatty liver disease and post-operative ileus, are targeted for entry to the clinic over the next six months and there are a further four products in preclinical development. For further information please visit www.phynova.com.
About Hepatitis C and Phynova´s clinical candidate PYN17
Hepatitis C is a liver disease caused by the Hepatitis C virus. Hepatitis C is usually transmitted by injections of illicit drugs, or through exposure to contaminated blood or blood products. Symptoms include fatigue, abdominal discomfort or tenderness, muscle and joint pain, nausea and loss of appetite. These symptoms commonly persist in patients even after viral clearance following interferon-ribavirin therapy and may be so severe as to prevent patients from working so the economic impact is considerable. Furthermore Chronic Hepatitis C can result in cirrhosis of the liver, which can lead to liver failure and other serious complications, and liver cancer.
Hepatitis C affects over 170 million people world wide, including over four million people in the US. Currently available antiviral treatments with pegylated interferon and ribavirin are only effective in approximately 50% of patients treated, often with significant associated toxicity and side effects.
Phynova believes that PYN17 is the only drug currently in clinical development specifically designed to treat the debilitating symptoms of Chronic Hepatitis C. It is based on a novel formulation of four plant extracts that have a long history of safe and efficacious use in the treatment of liver ailments in Asia and the West.
For further information please visit www.phynova.com;
14/04/2008
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