PYN Phynova

RNS Number:0299S
Phynova Group PLC
10 April 2008


Press release                                                      10 April 2008    
                               Phynova Group plc

                                  ("Phynova")

                                Re: equity issue


Phynova Group plc (AIM: PYN), the developer of prescription pharmaceuticals
derived from plants used in Chinese medicines, today announces that, further to
the announcements issued by the Company on 27 March and 3 April 2008 concerning
the receipt of commitments to provide funds in excess of �1.1 million through a
placing of ordinary shares in the Company ("New Ordinary Shares"), it has
allotted, subject to admission to AIM, 2,520,000 New Ordinary Shares at 40 pence
each to investors who will benefit from the tax reliefs offered by the UK
Government's Enterprise Investment Scheme ("EIS") in the tax year 2008/09.

Application has been made for these shares to be admitted to trading on AIM.
Admission and trading is expected to commence on 16 April 2008.

A third and final announcement is expected to be made shortly regarding
additional New Ordinary Shares to be issued at 40 pence each as part of this
placing, involving those investors who will not be taking advantage of EIS
relief.
                                    - Ends -


For further information, please contact:

 Phynova Group plc                                     +44 (0) 1993 880700
 Robert Miller, Chief Executive Officer                www.phynova.com

 Nominated Adviser:
 Nabarro Wells & Co. Limited                           +44 (0) 20 7634 4858
 Marc Cramsie

 Broker:
 Evolution Securities China Limited                    +44 (0) 20 7220 4850
 Barry Saint

Media enquiries:
 Abchurch Communications                               +44 (0) 20 7398 7700
 Peter Laing/Ashley Tapp/Stephanie Cuthbert
 ashley.tapp@abchurch-group.com                        www.abchurch-group.com


Notes to Editors:


About Phynova

Phynova is a UK company developing prescription pharmaceuticals derived from
plants used in Chinese medicines. Phynova is focused on viral and metabolic
diseases and cancer. Phynova's lead product for Hepatitis C has now completed a
Phase I/II trial in the US and the Phase IIb trial is scheduled to commence in
the first half of 2008. Two further products, for fatty liver disease and
post-operative ileus, are targeted for entry to the clinic over the next six
months and there are a further four products in preclinical development. For
further information please visit www.phynova.com.


About Hepatitis C and Phynova's clinical candidate PYN17

Hepatitis C is a liver disease caused by the Hepatitis C virus. Hepatitis C is
usually transmitted by injections of illicit drugs, or through exposure to
contaminated blood or blood products. Symptoms include fatigue, abdominal
discomfort or tenderness, muscle and joint pain, nausea and loss of appetite.
These symptoms commonly persist in patients even after viral clearance following
interferon-ribavirin therapy and may be so severe as to prevent patients from
working so the economic impact is considerable.  Furthermore Chronic Hepatitis C
can result in cirrhosis of the liver, which can lead to liver failure and other
serious complications, and liver cancer.

Hepatitis C affects over 170 million people world wide, including over four
million people in the US.  Currently available antiviral treatments with
pegylated interferon and ribavirin are only effective in approximately 50% of
patients treated, often with significant associated toxicity and side effects.

Phynova believes that PYN17 is the only drug currently in clinical development
specifically designed to treat the debilitating symptoms of Chronic Hepatitis C.
 It is based on a novel formulation of four plant extracts that have a long
history of safe and efficacious use in the treatment of liver ailments in Asia
and the West.


For further information please visit www.phynova.com;


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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