LONDON (Alliance News) - Plethora Solutions Holdings PLC said Wednesday it has appointed Pharmaserve North West Limited to manufacture the new six dose canister for its premature ejaculation solution, PSD502.
PSD502 is a topical spray for the treatment of premature ejaculation, containing lidocaine and prilocaine in a eutectic-like mixture.
Pharmaserve has been appointed in the final stages of the products' development, in order to ready the canister for Plethora's marketing partners to work on a multi-national product launch, which it anticipates will take place during 2014.
Financial details of the deal were governed by confidentiality provisions, however, Pleothora said that it estimates a spend of around GBP1 million on manufacturing, including the supply of raw materials (prilocaine, lidocaine and other components) and external consultants to the end of 2014.
Pharmaserve has now been secured as the supply chain and development partner for PSD502 and will undertake the work generating data suitable for EU license variation, in conjunction with EUDRAC Ltd, and for inclusion in the initial submission of the New Drug Application with the United States Food and Drug Administration.
"We welcome Pharmaserve as our manufacturing partner for developing the six dose canister and more importantly providing commercial supplies of PSD502 for the EU market and other territories. This is an extremely important milestone for the Company in its ability to provide commercial supplies to its potential marketing partners in our efforts to commercialise PSD502. In this respect, our efforts continue at pace in securing marketing partners for PSD502," said Jim Mellon Chairman of Plethora.
Shares in Plethora were trading 0.08% lower at 13.24 pence Wednesday afternoon.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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