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Biotech firm Phynova, which develops drugs derived from traditional Chinese plant medicines, has slipped further into the red.

Latest financial figures show the company based at the Blenheim Office Park, Long Hanborough, made a loss of £2.9m for the year to the end of September, compared to £1.6m for the previous year.

But the company recently announced that it set to raise more than £1.1m through the sale of shares to private investors.

The cash will be used to help fund trials of its product designed to tackle liver problems associated with Hepatitis C.

Phynova has also appointed experienced entrepreneur Karl Watkin as chairman.

Mr Watkin said: "We are in a strong position to capitalise on the global demand for botanical drugs."

12:33pm Friday 28th March 2008

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