LONDON (Alliance News) - Plethora Solutions PLC Friday said its pretax loss narrowed in the first half of 2015 and the company is confident it can meet all its key performance measures for the full year.
The speciality pharmaceutical company reported a pretax loss of GBP493,000 for the first six months of 2015, narrowing from the GBP1.7 million loss made a year earlier. The company does not generate any revenue as it is currently developing products for the treatment and management of urological disorders.
The loss was narrower because it booked a GBP2.4 million gain from finance income compared to a GBP709,000 gain a year earlier and had lower finance costs of GBP197,000 from GBP467,000. That was partially offset by higher research, development and administrative costs which totalled GBP2.7 million compared to GBP2.0 million a year earlier.
The company continues to be focused on the development and commercialisation of its principal pharmaceutical product PSD502, which is aimed at alleviating problems associated with premature ejaculation.
Plethora is hoping to launch the product in the European Union in the latter half of 2016, and will focus on initiating and completing feasibility and development work, obtaining EU approval by June 2016 and manufacturing samples to the EU by November 2016.
Plethora shares closed up 3.5% to 3.75 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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