LONDON (Alliance News) - Specialty pharmaceuticals company Plethora Solutions Holdings PLC said Friday it has agreed to terminate its deal with Sharwood Ltd to assist it with the out-licensing of its PSD502 treatment for premature ejaculation, and has instead substituted it for a contract with Regent Pacific Group Ltd in the form of a promissory note.
Regent Pacific has paid a consideration of GBP2.4 million to Sharwood for the note. Under the terms of the note Regent Pacific is entitled to receive 2.08% of the first EUR18.8 million in royalties received by Plethora, 3.12% of the royalties received by Plethora between EUR18.8 million and EUR30 million, and 4.56% of the royalties received by Plethora above EUR30 million.
However, this is provided that the total payable to Regent Pacific will not exceed GBP4.8 million.
Shares in Plethora Solutions are trading flat at 4.25 pence Friday afternoon.
By Hana Stewart-Smith; email@example.com; @HanaSSAllNews
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