Phytopharm shares jump by 350pc on drug hopes

BIOTECH minnow Phytopharm yesterday reported promising early test results with its Parkinson&rsquo;s disease drug Cogane propelling the stock as much as 350 per cent higher.<br /><br />In an 18-week study funded by the Michael J. Fox Foundation, a Parkinson&rsquo;s research charity, Cogane reduced Parkinsonian disability by 43 per cent in macaque monkeys &ndash; a result which would be extremely impressive if repeated in humans.<br /><br />Its new drug Cogane remains a long way from reaching the market but analysts said encouraging results of the latest experiments on animals and initial trials in humans showed it had promise.<br /><br />&ldquo;Today&rsquo;s impressive clinical and pre-clinical data demonstrate the potential for Cogane to become the first disease-modifying therapy in the fast-growing $11bn Parkinson&rsquo;s disease market,&rdquo; said KBC Peel Hunt analyst Paul Cuddon. The shares closed up 345 per cent to 27.3p.