12 Sep 2013 07:00
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Board changes
Plethora Solutions Holdings plc (AIM: PLE) announces that it has strengthened the board with the appointment of Dr Greg Bailey and Mike Collis as non-executive directors with immediate effect.
Dr Bailey is an investor and entrepreneur in the biomedical sector having spent time previously as an investment banker and a physician. He is currently a Co-Chairman of Topix Pharma, Inc. and Chairman of Portage Biotech , Inc. He is the managing partner of Palantir Group, Inc., a biotech merchant bank. Dr Bailey has arranged and participated in multiple financings, M&A transactions, and taken a number of companies public. He personally co-founded or funded three companies currently valued at over 5 billion dollars including Medivation, Inc., the recently acquired Ascent Healthcare Solutions and VirnetX Inc. He has been a board member of several public companies. Dr. Bailey practiced emergency medicine for 10 years.
Mike Collis is an advisor to Maven Capital Partners LLP ("Maven"), which manages the Capital for Enterprise Fund ("CfE"). CfE provided a £1m facility to the Company under which it has the right to appoint a director to the board. Mr Collis is a specialist in financial turnarounds and is a member of the Institute for Turnaround and also a Chartered Accountant. He is managing director of Arc Portfolio Management Limited. He was previously Head of Portfolio Management at Aberdeen Asset Managers Private Equity. He has served on the boards of a number of private companies often as a nominee of the investor. Mr Collis qualified as a Chartered Accountant with Arthur Andersens.
Jim Mellon, Chairman of Plethora said:
"I am delighted to welcome Greg and Mike to the Board. They add significant experience at a time when the Company is poised to achieve long-awaited milestones in terms of approval and commercialization of PSD 502. Plethora is on the verge of an exciting future and it is appropriate that we add the highest calibre people to our Board to guide the business to profitability."
-Ends-
Enquiries:
Plethora Solutions Ronald Openshaw, CEO | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / James Felix (Nomad) Martin Lampshire (Broker) | Tel : +44(0) 20 7776 6550
|
Hybridan LLP (Joint Broker) Claire Louise Noyce William Lynne |
Tel: +44(0) 20 7947 4350 Tel: +44(0) 20 7947 4361
|
Britton Financial PR Tim Blackstone | Tel: + 44 (0) 20 7242 9786 +44 (0) 7957 140416 |
In relation to Dr Bailey
Save as set out below, there are no further details in relation to the above appointment, which require disclosure under paragraph (g) of Schedule Two to the AIM Rules:
Current Directorships:
Trojan Technologies USA, LLC
Trojantec Technologies
Portage Biotech Inc.
Portage Pharma Inc.
SecureAxcess
Prism Technologies LLC
Duramedic Inc.
iWin Inc.
Past Directorships:
Medivation Inc.
Dr Bailey is not currently beneficially interested in the issued share capital of the Company.
In relation to Mr Collis
Save as set out below, there are no further details in relation to the above appointment, which require disclosure under paragraph (g) of Schedule Two to the AIM Rules:
Current Directorships:
ACS Building and Maintenance Limited
Alexander Heath Consultancy Services Limited
Arc Portfolio Management Limited
Camwatch Limited
Castlegate 665 Limited
Claven Holdings Limited
Dalglen (1148) Limited
Fieldcall Limited
GW 665 Limited
Manor Retailing Limited
Martel Instruments Holdings Limited
Nenplas Holdings Limited
Neolab Holdings Limited
Richfield Engineering Services Limited
Search Commerce Limited
Space Student Living Limited (placed into administration 2012)
TC Communications Holdings Limited
The Property Services Partnership Limited
Transys Holdings Limited
Past Directorships:
ATR Holdings Limited
Bridgefilms Limited
Bridgefilms 2 Limited
Businessco Services Limited
Castlegate (665) Limited
Chiltern Invadex Limited (placed into administration 2006)
Clifford Thames Group Limited
Damsle LLP
Ensco 749 Limited
Monumental Games Group Limited
Resilient Corporate Services Limited
Sanastro Limited
Sooty Enertainment Limited
Sooty Limited
Space Student Living Limited
Transrent Holdings Limited
Transys Holdings Limited (placed into administration 2009)
UK Gear Limited
Visual Gold Limited (placed into administration 2005)
Vossloh Kiepe Limited
Vyre Limied
Mr Collis is interested, indirectly, in the issued share capital of the Company through his position as an advisor to Maven Capital Partners LLP, which manages the Capital for Enterprise Fund LP and which itself has a shareholding of 6,419,200 shares, representing 1.86% of the issued share capital of the Company.
About Plethora:
Plethora is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE.L). Further information is available at www.plethorasolutions.co.uk
Plethora is focussed on seeking to launchPSD502 for the treatment of premature ejaculation.
About PSD502 & Premature Ejaculation:
PSD502 is a topical spray for the treatment of premature ejaculation containing lidocaine and prilocaine in a eutectic-like mixture. The product has completed all clinical testing and has been submitted for approval in Europe with the EMA. The Company anticipates launch in late 2013 or early 2014.
Premature ejaculation is possibly the most common form of sexual dysfunction in men. Epidemiological studies conducted in the US and in Europe indicate a prevalence of 20 - 30% in men of all ages. There is currently no globally approved and effective pharmaceutical treatment for this condition.
In the absence of any widely approved pharmaceutical therapy with good patient acceptance, the premature ejaculation market offers significant potential for development and growth. An effective drug therapy for premature ejaculation may have a comparable commercial potential to the erectile dysfunction drugs.