12 Apr 2013 10:30
12 April 2013
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Board changes
Plethora Solutions Holdings plc (AIM: PLE), announces the following board changes.
Bill Robinson has notified the board that he intends to retire as Chairman and to stand down as a non-executive director of the Company. The board has agreed that Jim Mellon, will take undertake the role of Chairman with immediate effect on an interim basis until a successor can be found. The board has commenced its search for that position. Mr Robinson will remain as a non-executive director of the Company until the next Annual General Meeting at which he will not stand for re-election. Mr Robinson became a non-executive director in 2007 and chairman in 2009.
The Company also announces that Richard Horsman has tendered his resignation as a non-executive director with immediate effect. Mr Horsman became a non-executive director in 2011.
Jim Mellon said: "We wish to thank both Bill and Richard for their service as directors, both of whom have contributed during a period of significant change and challenge to the Company. At the end of March we completed a financing to ensure the Company can meet its objective of pursuing the European approval of PSD502. This process is proceeding to plan and we hope to receive the final decision on approval late this year."
-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
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Hybridan LLP (Joint Broker) Claire Louise Noyce/ Deepak Reddy | Tel: +44(0) 20 7947 4350
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Britton Financial PR Tim Blackstone | Tel: + 44 (0) 20 7241 9786 +44 (0) 7957 140416 |
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.