Member Info for SickOfTheRatRace

JM was at the show. Last year he had a keynote presentation on the main stage at the start of the afternoon session but this year was hidden away in a side room for a "ticketed event" which was very disappointing as I had no idea of this in advance. This ticketed event was also right at the start of the show so anyone arriving later had no chance. Although I saw him at the show sporadically I wasn't able to talk to him to ask him any Fortacin questions as any public engagement was very brief. Indeed when he was called to present a �10,000 cheque to a member of the audience (I believe this is the annual competition to predict which of the exhibitors would realise the largest shareprice gain before the next show) he presented the cheque quickly, someone tried to ask a question but he dismissed it and walked off in the opposite direction! I didn't see DBC at the show either. A shame because although it is somewhat of a joke amongst investors I had a long chat with the boss last year and the product solves a very real problem amongst diabetics and has a lot of potential to save healthcare providers huge amounts in terms of costs and aftercare incurred by amputations. However as with Fortacin there is somewhat of a disconnect between the people who create these products who are of course very passionate and have a very altruistic approach and the heads/investors/marketeers above responsible for the commercialisation. It's the latter that seem to fail to exploit a product to its full potential.

Yes that is correct. The information I was given was that the UK launch was the remaining stock from the clinical trial which has now been exhausted/expired. Recordati will relaunch the UK later this year using the newly produced stock. So although Doctor-4-U said that the company has taken the decision to withdraw Fortacin from the UK I suspect this was purely because there was no stock left (either because it was all sold or the stock was no longer viable in terms of expiry date, take your pick). Recordati now have UK rights so will relaunch according to their own schedule?

Probably because there is no anticipation of anything exciting. The existing holders are just expecting "same old same old" in the results.

I kept half and put the other half back into BMN. When this was still BMN prior to spin off I believe some calculations were bandied about based on a potential of 20-25p at full production. That calculation was pre 11:1 ratios and the like. The corporate presentation indicates production of 5000 tpa. The current cash ask for tin is $20,850 which would mean production once fully ramped would be worth $104.25m. That represents (at 297481984 shares) $0.35 a share or 25p with mining costs to be subtracted (I haven't been able to locate expected costs per ton thus far, I am sure if the figure is available someone will reply with it). Plus then multiply by a suitable PE ratio. The main downside here at least in the short term is in the admission document which indicates a further cost of �21m for full plant (page 30). Page 29 indicates "It is anticipated that physical infrastructure costs such as plant expansion, will be financed significantly through equity, as well as debt linked to concentrate production" What "significantly" represents is obviously open to interpretation, but if we are to assume 50% equity and 50% debt, that would (at the price today) indicate a dilution of 500,000,000 shares (�10.5m / 2.1p). That represents (at 797481984 shares) $0.13 a share or 9.3p with mining costs to be subtracted. Plus then multiply by a suitable PE ratio. Please don't take any of this as gospel as it is just my interpretation which someone else may counter. If others are expecting such a dilution for ramp up (the company is fully funded for 12 months after incorporation) it may go some way to explaining poor sentiment here. Obviously 50/50 split is guesswork at this stage and will depend on terms at the time, share price, ability to raise finance etc. There is of course the possibility of a corporate loan from a large equity holder such as BMN - which will be somewhat awash with cash.

Good spot Alfa. I will bookmark the link! There doesn't appear to be much in the way of vehicular activity in terms of the number of vehicles on site which would indicate there are few staff present. I couldn't see an indication of the time of day the image was taken but assuming the image is "top is North, bottom is South" the limited shadows facing SE / SSE would appear indicate mid to late morning. If this was an image today it would appear to indicate no major mining activity yet, unless in fact this was taken on a weekend.

The problem with RP selling off Fortacin (via Plethora) is what would be left afterwards? The remaining assets have little value - unless the sales value becomes a war chest for acquisitions. I doubt investors would be too happy at the thought of the money being used to tie us up for another 10 years, personally I would prefer someone put the company out of its misery and return all value to shareholders! I think more likely RP would be sold entirely which would include Plethora. We are led to believe the HK listing itself is worth 40c and RP is trading below that already. Everything I hear is that the key value for Fortacin lies with the US market. In which case another two years and we should have FDA approval and a licencing partner in place and hopefully no more excuses.

Slide 9 Business Strategy - Potential to Go Mass Market Partnering provides the potential to earn significant milestones & royalty income stream... Recordati logo Mid-size, public (circa 5.3 billion euro market cap with over 1 billion euro in revenue), fully integrated specialty pharmaceutical company with a strong specialism in men's health Focus: urology diseases, cardiovascular and in treatments for orphan/rare diseases Sales force: dedicated field force of specialised medical representatives in the urogenital therapeutic area, allowing it to 'plug-and-play' Fortacin into its sales machine Milestones: up to 46 million euro Royalties: mid teens to mid twenties range Territories: Europe, Russia, CIS, Turkey and certain countries of N. Africa * end of slides *

Slide 7 Fortacin Rights EU 2011 - Plethora has reponsibility for regulatory and commercial development of Fortacin in EU and other territories 2013/2014 - Regulatory and commercial development for Fortacin was extended throughout the world to Plethora from Shinogi 2016-2021 2016 - EU 17 patent coverage expires. Supplementary Protection Certificates (SPC) filed for 17 EU countries. 2021 - Data Exclusivity Expiration in the EU. Generic cross-reference of regulatory data begins. 2023 - EU Market Exclusivity Expiration. Generic Entry. USA 2015 - US patent expiration > 2020 Patent Term expansion potential 2020 - US licensing deal 2012 - Generic cross-reference of regulatory data beings 2023 - Generic entry In September 2013, Plethora acquired the remaining rights to Fortacin for US$25 million resulting in Plethora owning 100% of the rights to Fortacin on a global basis European patent covers the formulation of any or all mixtures of local anaesthetics in hydrofluorocarbon propellants (e.g. non CFC propellants) Regulatory exclusivity protecting Plethora's data is expected to run for at least 3 years from the data of FDA approval for Fortacin in the US, though it could be 5 years if the FDA treats Fortacin as a new chemical entity Indication from the FDA that topical use will require full Phase III non-inferiority study (rather than bio-equivalence) to demonstrate equivalence - a substantial barrier against generic entrants Slide 8 Premature ejaculation global market There are no FDA approved therapies in the US for the treatment of PE. Fortacin will shortly commence clinical trials in the US in order to seek FDA approval There is one approved therapy for PE in addition to Fortacin in Europe Global addressable patient population of approximately 108 million Estimated peak annual sales of US$1.7 billion Licensing agreement signed (note signed was underlined) with Recordati for Europe, Russia, CIS, Turkey and certain countries of N.Africa Licensing agreements in late stage negotiation for RoW, including China, North America, LATAM, Asia Pacific region, Middle East and Sub-Saharan Africa # Graph showing breakdown of $1,742m figure into locations One further slide to follow

Slide 4 Two large pivotal trials show highly significant and clinically meaningful effect Mean IELT (Intravaginal Ejaculation Latency Time) at baseline was 0.5 minutes rising to 3.2 minutes at week 12 87% of patients considered as responders Excellent tolerability in ~23,500 doses delivered with no significant safety issues Can be used with and without condom Strong Efficacy Data Restoration of ejaculatory reflex from 32-34 seconds pre-treatment to 3-4 minutes (normal) almost immediately Excellent patient and partner responses on measures of distress, control, satisfaction & interpersonal relationship Effect durable in long term Eutectic mixture Precents crystallisation to facilitate absorption Formulation does not penetrate keratinized skin maintaining sexual sensation for man Does not anaesthetise the foreskin Slide 5 Effect is Durable in Long-Term Significant increase in ejaculatory latency obtained with Fortacin over placebo 3 month double blind phase: Patients randomised to receive either Fortacin or placebo 9 month open-label phase: All patients on Fortacin treatment DB PLacebo/ OL Fortacin group geometrix mean IELT values were shown to gradually increase towards the values of the DB Fortacin / OL Fortacin group Normal range is 360s - 480s # There is an image of a graph which cannot be easily reproduced here Slide 6 Highly effective as Assessed by Patients and Partners Patients & sexual partners report improvement of >_ 1 point in each PEP domain at the end of month 3 4 item questionnaire validated in subjects with PE Separate patient and partner questionnaires Each question answered on a 5-point scale - Personal distress related to ejaculation, Perceived control over ejaculation, Satisfaction with sexual intercourse, interpersonal difficulty related to ejaculation Approx percentages based on visual graph Patients Item - approx percentage placebo - approx percentage PSD502 Distress - 40% - 80% Control - 30% - 75% Satisfaction - 40% - 80% Interpersonal - 60% - 80% Partners Item - approx percentage placebo - approx percentage PSD502 Distress - 48% - 70% Control - 40% - 75% Satisfaction - 35% - 70% Interpersonal - 50% - 70% More to follow

Mo = More slides to follow

I will do my best to transcribe the wall slides which may assist further and address any ambiguity (or maybe introduce some more!). This is obviously all public information and non-sensitive, available for all to see on the wall of the stand at Master Investor. Some words may get censored below due to their nature. Slide 1 Fortacin (tm) Plethora's lead asset is Fortacin (tm), a novel Rx topical treatment for premature ejaculation, with potential to capture a global market Focus is on bringing Fortacin to market through strategic commercial partners Marketing approval obtained from the European Medicines Agency (EMA) in November 2013 Fortacin is out-licensed to Recordati (REC IM) for Europe, Russia, CIS, Turkey and certain countries of North Africa Fortacin is now available by way of prescription in Europe through our commercial partner Recordati NDA filing process commenced with FDA, with approval targeted in Q4'19 Slide 2 Premature Ejaculation "A male sexual dysfunction" characterized by ejaculation that always or nearly always occurs prior to or within about one minute of vaginal penetration, the inability to delay ejaculation on all or nearly all vaginal penetrations, and negative personal consequences such as distress, bother, frustration and/or the avoidance of sexual intimacy." Primary Efficacy Measure Intravaginal Ejaculatory Time (IELT): Normal 4-7 minutes. ISSM definition of PE < 1 minute Premature ejaculation is possibly the most prevalent sexual dysfunction affecting 1 in 4 men: Estimated to be greater than erectile dysfunction Estimated at 30-45m men in EU and 50m in USA No properly effective treatment is approved widely for this condition Off-label use of antidepressants, topical anaesthetic creams, monograph Priligy (SSRi) associated with 90% discontinuation; only approved in limited EU territories Slide 3 Therapeutic: Topical aerosol formulation of Lidocaine 7.5mg + Prilocaine 2.5mg Restores ejaculatory reflex from 32-34 seconds pre-treatment to 3-4 minutes (normal) almost immediately and effects are maintained on long term treatment Commercialisation: Out licenced Fortacin to Recordati, a European pharmaceutical group, to commercialise Fortacin in Europe, Russia, CIS, Turkey and certain countries of North Africa Fortacin is now on sale by way of prescription in Europe through our commercial partner Recordati Regulatory: EMA approval received in November 2013 - the first topical Rx apprived in the EU for PE USA FDA filing process commenced with aim of submitting NDA during Q1/2 '19, followed by 10 month PDUFA with approval expected in Q4'19 Market Potential Potential significant market opportunity of up to US$3 billion per annum peak sales for US and EU (based on internal modelling), Rx only Currently the only approved competitor in Europe is Priligy - SSRi, with significant profile disadvantages as compared to Fortacin Mo

Pomander: Apologies on the FDA front. I was typing a quick summary from memory. I have reviewed the image of the wall slide and 2020 refers to "US licensing deal". This makes more sense in line with the company overview as FDA approval in Q4 2019 would then be followed some time in 2020 by signing of the US licensing deal which logically no-one would sign until it was FDA approved. thetinman: No need to be sorry. There are many that share your frustration with the share price myself included. Do I wish I had sold mid 20's under Plethora? With the benefit of hindsight 100% yes. Do I wish I had sold before AIM delisting? With the benefit of hindsight 100% yes. However what seems clear is that if JM hadn't taken over then Plethora wouldn't have survived. JM couldn't put more money into the company without taking it over. Would I have then later bought back in? Yes. Hindsight is of course wonderful and if things had progressed as expected without the can size cost and delay debacle, Plethora would have most likely been 40p+ on EU launch. I agree PR wise Regent Pacific have been a disaster. What I find difficult to criticise is the product itself which works and works well. Getting this message out there to investors has been RP's biggest failing but despite this there are glimmers of hope - when RP actually needs something it does seem capable of communicating a positive message to investors such as when it needed a HK$0.40 placing. A placing fully subscribed. The good news is that going forward sales are not dependent on PR by Regent Pacific - Recordati and future territory licence partners will take care of that aspect. RP will at the bare minimum report milestone payments/sales income and profit from the product and that should be enough for investors to see further ongoing potential. So at present I remain invested and confident of a future return. The big money still follows FDA approval with an expected market of US$250m annually.

Sure. Dr Mike was there with his colleague (accountant). Jamie Gibson not present as usual. No presentation by the company this year. Things progressing well. The wall slide states FDA approval expected 2020. Euro launches on track, Dr Mike meeting with Recordati for sales training imminently. UK is not withdrawn but ran out of original stock. UK will be relaunched later this year by Recordati with the newly produced stocks. China at advanced stage for partners, full launch currently expected after USA although this depends on whether China will require full clinical equivalency for the indigenous population. Dr Mike is also keen to have a meet up in the next few months in the UK for any interested share holders. Obviously this will not include any sensitive iinformation or non-public domain information. See it as an opportunity for more succinct information and Q&A. Most likely this will be at a London location in the summer. More details to follow once known. Dr Mike also mentioned that he had seen a number of LSE posters at the show today, I only know one of you by face but good to know a few of you were there. I will go through the pictures of the wall slides and post anything else that jumps out once I have been able to digest.

Yes a good update and nice to hear that it has revealed a thicker resource than expected. Shame it didn't include any details on how the plant construction is coming along as I would hazard a guess that what the majority of investors want to hear is when production (beyond pilot) will start as the fact there is tin in the ground is already known. So an update on equipment delivery and installation would be good next.

Still in stock at this uncannily similarly branded site: https://www.primedoktor.com/fortacin/

Pom I am planning to visit so if you have any questions you would like me to ask if Dr Mike is there then let me know.

Agreed, however from a PR perspective there is only so long RP can keep banging the drum about previous returns to shareholders before everyone wakes up to the fact that what you paid historically has no bearing on the investment case in the present when you haven't returned a bean for years. When it was Plethora the comment was made that with no other drugs under development the board would have little need for ongoing funds, so if income was at reasonable levels there would be little reason not to return this to investors.

So that's 100% uptake then, which implies that not one responder had a complaint about the product.

In terms of efficacy the comment was previously made that during the clinical trial of Fortacin all participants were offered a supply at the end of the trial. The uptake rate of that offer was 100%.

UK sales have been mentioned recently which we know were low volume. Don't forget that Fortacin had wide coverage in the media at the time of launch (Newspapers/TV/Radio) but was effectively impossible to actually get hold of. By the time this was realised (you could easily say another cock up in a long line of cock ups) and the distribution channel changed, there was zero coverage in the media. At the time of launch the only way to get the product was a private prescription from the doctor who had to fill out the form and post it to the distributor, wait up to 2 weeks for delivery to the surgery and then to the patient. I was prepared for the wait but at the time of enquiry by me the GP informed me that the item wasn't on any of his prescribing lists so couldn't even write the private script! An email I sent to the distributor was unanswered for about two weeks, when I finally received a reply the advice was just to go via the GP. If at the time of UK launch there had been ample supply that was simple to order I am sure sales volumes would have much more positive due to the vast media coverage and comparison with Viagra. What is interesting is that it was mentioned at Master Investor last year that sales were ahead of expectations, so from that you could infer that expectations were zero based on launch which had the sole purpose of being patent protecting. So I am more positive about the Recordati launch as they actually have the volume supply available to back it up following any localised coverage. What is beyond doubt from my perspective at least is that the product works having tried it first hand so the key for Recordati is just getting the message out there, I doubt they will have any complaints from end users once they have had a chance to try it unlike Viagra which we already know from industry comment is only effective in about half of cases. So I remain positive for now, not from the perspective of Regent Pacific who have made a complete cock up of this from start to finish but that the marketing is now in third party hands with plenty of supply.