LONDON (Alliance News) - Pharmaceutical company Plethora Solutions Holdings PLC narrowed pretax losses as it moved to focus its entire effort into the development of its premature ejaculation treatment PSD502 in order to bring the product to market.
For the half year ended June 30 the company posted a pretax loss of GBP1.1 million, narrowed from GBP2.0 million in the previous year. The company remained non-revenue-making. Losses were attributable to research and development costs and administrative expenses. The company said that this level of expenditure will continue for the foreseeable future as the European approval process is completed.
The company said that research and development costs may increase in 2014 as filing for a New Drug Application with the US Food and Drug Administration is expected to be more expensive than the EU filing.
Plethora was granted the rights for the regulatory and commercial development of PSD502 in Europe and other territories in 2011 by pharmaceutical company Japanese pharmaceutical company Shionogi & Co. Limited. In August, it announced an agreement with Shionogi's U.S. arm, Shionogi Inc., to pursue the regulatory approval for PSD502 globally.
Shares in Plethora were trading up 0.52 pence at 13.15 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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