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Phytopharm and Unilever Enter into a Licence
and Joint Development Agreement for Hoodia Gordonii Extract.
GODMANCHESTER, United Kingdom--(BUSINESS WIRE)--Dec. 15, 2004--
Agreement includes provisions for substantial milestone payments,
stage payments and royalties Phytopharm plc (NASDAQ:PHYOF) (LSE:PYM)
("Phytopharm") announced today that it has granted an exclusive
global licence to its Hoodia gordonii extract to Unilever plc, the
global consumer products company and owner of a number of the
world's leading brands.
As part of the agreement, Unilever will commit to initial payments
totalling approximately GBP 6.5 million ($12.5 million) out of a
potential total of GBP 21 million ($40 million) in payments to
Phytopharm. In addition Phytopharm will receive an undisclosed
royalty on sales of all products containing the extract. The extract
of Hoodia gordonii, a South African plant, was licensed exclusively
by Phytopharm from the South African Council for Scientific and
Industrial Research (CSIR) in 1997. Phytopharm has been actively
developing the extract for incorporation into weight loss products.
Unilever and Phytopharm will collaborate on a five stage research
and development programme of safety and efficacy studies with a view
to bringing new products to market. Unilever will also manage a
separate agronomy programme and will support the international
patent programme for the products.
Obesity has reached epidemic proportions globally, with more than 1
billion adults overweight -- at least 300 million of them clinically
obese -- and is a major contributor to the global burden of chronic
disease and disability (Source: World Health Organisation).
Commenting on today's announcement, Dr. Richard Dixey, Chief
Executive Officer of Phytopharm, said: "We are delighted to enter
into this agreement with the global leader in weight management
products. Our partnership with Unilever supports the development of
this product with milestones and a fully funded programme and we
look forward to generating royalty income from our partner's
globally
recognised brands."
A conference call for analysts and investors will be held at 8.30am
today. Please call Mo Noonan on 020 7269 7116 for details.
Cont. |
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Each Bottle of
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Ephedra Free
ancient Chinese traditional weight loss herbs. Pure Hoodia™
Plus combines a new breakthrough in science, Chromium
Picolinate, with the power of the Hoodia Gordonii Succulent.
List of Ingredients*
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