Yes Madelyn, you are right.
Two small phase I trials were completed in 2003. They tested " the safety, tolerability and pharmacokinetics of different oral doses in healthy subjects." Cognitive effects of PYM50028 were also evaluated.
According to a Phytopharm press release in May 2003, " "Phase Ia results, reported in May 2003, demonstrated that the product has absorption and pharmacokinetic characteristics suitable for once daily dosing and is well tolerated with a good emergent safety profile." Phase Ib results reported in October 2003, demonstrated similar results.

Also: According to Phytopharm's press release (6/5/07), "In pre-clinical studies, Cogane™ stimulates the release of neuronal growth factors, increases neurite outgrowth and protects against neuronal degeneration. Importantly, Cogane™ also reverses the decrease of neuronal growth factors and reverses dopaminergic neuronal degeneration observed in vitro. When administered orally to pre-clinical models of Parkinson’s disease, Cogane™ reverses the loss of dopaminergic neurones."

Additional pre-clinical research will be carried out in 2008-9 to determine the optimal dosing for future phase II clinical trial."

The pre-clinical research on Cogane has been partly funded by The Cure Parkinson’s Trust, a patient-led organization in the UK, led by Tom Isaacs, that has been funding a variety of research projects globally.

A Michael J. Fox Foundation Therapeutics Development Initiative Grant was received in Jan. 2008. The grant is for $1.2 million over two years. "The objective of this project is to assess the effects of oral administration of Cogane™ in reversing the changes in the area of the brain involved in Parkinson’s disease and the associated movement disability using two pre-clinical models. In addition, this project will establish the therapeutic dose levels and duration of treatment that provide these benefits in these models to gain essential information on the appropriate dosing and design for a Phase II clinical study in Parkinson’s disease patients." (from the MJFF website)

The company is also conducting research on Cogane for Alzheimer's (now in phase II trial.)
see: http://www.phytopharm.co.uk/portfolio/

So maybe in 2009 we will see a phase II trial of cogane begin. Sure sounds promising.....