LONDON (Alliance News) - Plethora Solutions Holdings PLC Thursday said Chief Executive Ronald Openshaw, who has overseen a restructuring of the company and won back the rights to market its main product, will step down November 30 to devote his time to his consulting firm.
The company is on the verge of starting to sell its premature ejaculation treatment. It has started talks with several parties, including major pharmaceutical companies, about bringing the treatment to market after it last week won European marketing approval from regulators.
The pharmaceutical company was founded in 2004 to develop the treatment, also known as Prilocaine Lidocaine Plethora. Two years ago, it won back the right to regulatory and commercial development of PSD502 in Europe and other territories from Japanese pharmaceutical company Shionogi & Co. Ltd and in August, it announced an agreement with Shionogi's U.S. arm, Shionogi Inc., to pursue the regulatory approval for PSD502 globally.
Openshaw joined the company in 2009 as interim chief financial officer, overseeing a debt restructuring. He was appointed CEO at the start of 2011, negotiating the return of the rights to the premature ejaculation treatment and doing the fundraisings that have brought it to the brink of commercialisation.
Plethora said it has appointed Mike Collis as interim CFO from December 1.
"In due course, the company intends to further strengthen the management team and a further announcement will be made when appropriate," Chairman Jim Mellon said.
Separately, Plethora said it has received notification from Maven Capital Partner LLP that it will convert GBP200,000 of its GBP1 million loan note into shares.
Plethora Solutions shares were down 4.6% at 13.12 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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