25 Jun 2009 13:57
Immediate Release: Thursday 25 June 2009
Plethora Solutions Holdings plc
("Plethora" or the "Company")
AGM Statement & Trading Update
Plethora Solutions Holdings PLC (AIM : PLE), the developer of products for the treatment of urological disorders, held its Annual General Meeting today, 25th June 2009, where all resolutions were passed.
AGM Statement
At the AGM held today Mr Bill Robinson, who takes over as Chairman of Company following the retirement of Mr. Stuart Wallis at the meeting, made the following statement:
"In the first half of 2009 Plethora has addressed a number of critical issues, particularly the commercial development of PSD502 and the financial restructuring of the Group. On 26th May the Company announced a Global Agreement with Sciele Pharma Inc ('Sciele') under which Sciele acquired worldwide rights to PSD502; Plethora's product in late stage clinical development for the treatment of premature ejaculation. Under this agreement Plethora retains a milestone and royalty interest in Sciele revenues derived from territories outside of the USA and Japan. As part of the restructuring also announced on 26th May, the Company reduced its borrowings by approximately 90% by entering into a compromise agreement with Paul Capital Healthcare.
As a result of these transactions the Company will report revenues in excess of £15 million for the first half of the current financial year and cash resources at 30th June 2009 of approximately £3m.
Following two highly challenging years for the Company we have successfully rebased Plethora's business model, which is now focused upon the generation of sustainable revenues from its product portfolio. This will be achieved via both royalty revenue and product sales and, with significant reductions in development expenditure, is expected to bring the business to a self sustaining basis. This will include anticipated royalty revenues from PSD502 from Europe and the Rest of the World (ex-USA and Japan) and the eventual commercialisation of other clinical assets in its development portfolio via innovative partnering structures.
We believe that Plethora is now positioned to develop and grow in the current environment for small pharmaceutical businesses. It is our goal to use the revenue base of the Company to consolidate our position and deliver shareholder value."
-Ends-
Enquiries:
| Plethora Solutions Steven Powell | Tel : +44(0) 20 3077 5400 |
| FinnCap Geoff Nash | Tel : +44(0) 20 7600 1658 |
| Hansard Group Adam Reynolds/John Bick | Tel: +44(0) 20 7245 1100 |
About Plethora:
Plethora is focused on the development and marketing of products for the treatment of urological disorders. The Company has products in clinical development for the treatment of overactive bladder (PSD506), stress urinary incontinence (PSD503), interstitial cystitis (PSD597), gynaecological pain (PSD508), erectile dysfunction (PSD510) and premature ejaculation (PSD502). The Company is headquartered in the UK and is listed on the London Stock Exchange (AIM:PLE)
Further information is available at www.plethorasolutions.co.uk