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Plethora Solutions Gets GBP1 Mln Loan For Urology Business

Wed, 30th Jun 2010 07:48

LONDON (Dow Jones)--Drug company Plethora Solutions Holdings PLC (PLE.LN) Wednesday said it has agreed a GBP1 million, five-year secured term loan from a government fund which will be used to speed the roll-out of its specialty pharmaceutical business. The firm said The Urology Company, which it formed late in 2009, will use the cash from the U.K. government's Capital for Enterprise fund for working capital, and prevent it from having to turn to the equity markets to raise cash. The Urology Company has spent the first half of 2010 assembling a portfolio of products aimed at the uro-gynaecology market. Some of these have been launched and the remainder are expected to be launched in the second half of 2010. The loan has an interest rate of 10% per annum and is repayable in full in June 2015. Plethora Solutions can choose to repay part or all of the loan ahead of the maturity date. The GBP75 million Capital for Enterprise fund was set up to aid the growth of smaller businesses which could struggle to raise funds from equity markets. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com (END) Dow Jones Newswires June 30, 2010 02:48 ET (06:48 GMT)
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