Phytopharm chief quits business for Buddhism

Phytopharm, famed for developing an appetite suppressant from a cactus eaten by Kalahari bushmen, is undergoing a change of management after its high-profile co-founder and chief executive stepped down.

Richard Dixey said he felt he had an obligation to move on after 14 years at the helm of the pharmaceutical company that specialises in products generated from medicinal plant extracts. He is succeeded by Daryl Rees, who has been chief operating officer at Phytopharm for six years.

Dr Dixey, 54, said he was leaving "to spend more time being a Buddhist rather than a businessman".

"I care passionately about this company but it is not my company and it is time for a new management team to take it forward," he said.

Dr Dixey, who will retain his 17 per cent stake in the business, said he plans to travel to India, Burma, Sri Lanka and Thailand with his wife and two young children.

The Cambridge-based company also announced yesterday that Piers Morgan, a founding director of the Life Sciences M&A team at Ernst & Young, is joining the company as chief financial officer.

The new team will continue to focus on the company's key product - an appetite suppressant it is developing from the Hoodia gordonii plant, which has been used by generations of tribesmen of the Kalahari in southern African to stem hunger pangs on long hunts.

Phytopharm is collaborating with the food giant Unilever on a £21m research and development programme to bring the product to market.

Unilever hopes to use the plant's active ingredient in weight-loss products. Its SlimFast brand has been hit in recent years by the growth of the Atkins diet and a host of other fad diets endorsed by celebrities.

Phytopharm's other key products in the pipeline are Cogane, a drug in phase-two trials to treat Alzheimer's and Parkinson's disease, and Myogane, a motor neurone disease treatment in phase-one trials.

The company's only products on the market are for dogs: Phytopica treats skin disorders while Zanthofen is for joint problems.