PhytoMedical to expand research activities to include new drug candidates

By Elaine Rigoli

Tampa, Fla., Feb. 15 - PhytoMedical Technologies, Inc. announced Wednesday its plans to pursue the research and development of additional plant-derived compounds targeting obesity, various types of cancer and Alzheimer's disease, among others.

Research regarding the possible identification of new drug compounds derived from natural sources is full of potential, according to a company statement.

An estimated 300 new drugs worldwide, potentially worth more than $150 billion, remain to be discovered.

"Despite a record amount of capital going into new drug development, advances in high throughput screening technologies and genomic research, very little has come about in the way of new drug discoveries from the pharmaceutical industry," said Harmel S. Rayat, PhytoMedical president and chief executive officer, in a statement.

Presently, 20 of the best-selling drugs come from natural sources. Twenty-five percent of all prescription drugs contain active compounds derived from or patterned after compounds derived from plants.

Based in Vancouver, B.C., PhytoMedical is an early-stage research-based biopharmaceutical company focused on the identification, development and eventual commercialization of plant-derived pharmaceutical and nutraceutical compounds.

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