4 May 2011 07:00
4 May 2011
Plethora Solutions Holdings plc
("Plethora" or "the Company")
Commercial Update
Expansion of UK sales force
Plethora Solutions Holdings plc (AIM: PLE), the UK-based speciality pharmaceutical company, announces that its subsidiary, The Urology Company Limited has entered into an agreement with North-51 Limited for the provision of a contract sales force.
North-51 is a leading UK pharmaceutical consultancy with a contract sales division. Under the agreement North-51 will provide sales representatives to The Urology Company to complement its own sales force. North-51's representatives are available immediately to The Urology Company and will therefore be able to contribute to first half sales and the results for the year as a whole.
Contract sales forces are used by most pharmaceutical companies to expand their sales infrastructure rapidly. Operationally the representatives will be full members of The Urology Company's sales force and report on a functional basis to Billy Hargan, VP Commercial Operations. Once the representatives have been with The Urology Company for a period of time it will have the option to bring them onboard as employees.
Immediately following the contract becoming effective, The Urology Company will have the initial geographic reach to market its products to the majority of the UK prescribers in all the major conurbations.
Bill Robinson, Chairman, Plethora said:
"In January 2011 the Company announced the recruitment of Billy Hargan as VP Commercial Operations. He has added much significant experience to our sales and marketing capabilities and we are pleased to further invest in the expansion of our salesforce to drive revenue growth. The expansion is also important given the recent announcement of granting of prescription status for Hyalofemme®."
-Ends-
Enquiries:
Plethora Solutions Ronald Openshaw | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) Antony Legge (Nomad) Martin Lampshire (Broker) | Tel : +44(0) 20 7776 6550
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Hybridan LLP (Joint Broker) Claire Louise Noyce | Tel: +44(0) 20 7947 4350
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Hansard Communications Nicholas Nelson/ Guy McDougall | Tel: +44(0) 20 7245 1100
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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 - Virgafem), interstitial cystitis (PSD597 - Urolieve) erectile dysfunction (PSD510) and premature ejaculation (PSD502).
Plethora's subsidiary, The Urology Company Limited, was established in 2009 to market and distribute a range of branded and generic pharmaceutical products, pharmaceutical specials, medical devices and nutritional supplements for the treatment of urology, andrology and obstetric conditions.
The Company 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 and www.theurologyco.com