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Collaboration Agreement and Update of the Company´s Financial Position
10 February 2009
Phynova Group plc
("Phynova" or the "Company")
Collaboration agreement and update of the Company´s financial position
Phynova (AIM: PYN), the developer of prescription pharmaceuticals derived from plants used in Chinese medicines, today announces that it has entered into a Commercial Collaboration Framework Agreement with Tasly Modern Chinese Medicine Resource Ltd ("Tasly MCMR"), a subsidiary of Tasly Group of Tianjin, China ("Tasly Group").
Under the agreement Phynova and Tasly MCMR will collaborate in the following areas:
Tasly Pharma is one of the world´s largest producers of botanical drugs with sales totalling £500 million in China and 16 countries around the world, including one of China´s best selling pharmaceutical drug, Fufang Danshen Di Wan a plant-derived drug for the treatment of cardiovascular disease. Through Tasly MCMR, Tasly Pharma has a state of the art manufacturing plant for botanical drugs located in Tianjin that has been audited by Australia´s Therapeutic Goods Agency.
Robert Miller, CEO of Phynova China, commented:
"We are very pleased to be entering this strategic partnership with Tasly MCMR, which has extensive research and development experience, know-how and expertise in the development and manufacturing of botanical drugs. As Phynova moves closer to the commercialisation of its pipeline candidates, Tasly MCMR is an ideal partner to work with Phynova on the potential supply and manufacturing of its drugs to licensing partners around the world".
In addition, Phynova today announces that it is trading in line with management´s expectations. As announced on 29 December 2008 the Company will shortly be seeking to raise additional funds to allow it to continue trading through 2009 and an announcement concerning that fundraising will be made in due course. The Company has recently received a UK research and development tax credit of £189,000.
Should Phynova be unsuccessful in raising these funds, this is likely to have a material adverse effect on the Company´s operations and it would be obliged to seek alternative financing solutions and/or significantly scale back these operations.
For further information, please contact:
Phynova Group plc
John Pool (Executive Chairman)
Tony Mills (CEO Phynova Limited)
Robert Miller (CEO Phynova China Limited)
Tel: 01993 880700
John East & Partners Limited
Simon Clements
Tel: 020 7618 2200
Capital MS&L
Mary Clark/Anna Mitchell
Tel: 020 7 307 5330
Notes to editors:
Tasly Group
Tasly Group is one of China´s leading pharmaceutical manufacturers. Founded in 1994 it is based in Tianjin and manufactures modern botanical drugs derived from traditional Chinese medicine, synthetic drugs, biological drugs and functional foods. Tasly Group is one of China´s three largest pharmaceutical distributors and one of its subsidiary companies, Tasly Pharmaceutical Co. Ltd. is listed on China´s Shanghai Stock Exchange with a market cap of $1 billion. In 2007 it signed a joint venture agreement with the UK´s Cooperative Group to create Tianjin Tasly Sants Pharmaceutical Company Ltd, which will manufacture generic drugs in China for the Cooperative´s 800 pharmacies here in the UK. A state-of -the-art £20 million production facility in Tianjin meeting UK environmental standards is currently under construction and will begin production in 2010.
About Phynova
Phynova (AIM: PYN) is a UK company developing new prescription pharmaceuticals derived from plants used in Chinese medicines. The Company is focused on viral and bacterial diseases, metabolic diseases and cancer. Phynova´s lead product for hepatitis C has now completed a Phase I/II trial in the US. Two further products, for fatty liver disease and post-operative ileus, are targeted for entry to the clinic and there are a further four products in preclinical development.
For further information please visit www.phynova.com.
10/02/2009
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