Plethora Solutions Holdings Plc Regulatory News (PLE)

24 Mar 2005 08:00

Plethora Solutions Holdings PLC24 March 2005 For Immediate Release 24 March 2005 PLETHORA SOLUTIONS HOLDINGS PLC FIRST DAY DEALINGS ON THE ALTERNATIVE INVESTMENT MARKET ("AIM") Plethora Solutions Holdings PLC ("Plethora" or the "Company", AIM : PLE), aUK-based speciality pharmaceutical company focused on the development ofproducts for the treatment of urological disease, is pleased to announce itsflotation on the Alternative Investment Market of the London Stock Exchange ("AIM") today. • Plethora's strategy is to develop and then license out products for the diagnosis, treatment and management of urological disorders (diseases of the male and female urinary tract and the male reproductive organs) • Plethora has one product undergoing a Phase II trial (PSD 502) and two entering Phase II (PSD 503 & PSD 506) during Q4 2005 - PSD 502 - a topical treatment for premature ejaculation - PSD 503 - a topical treatment for stress incontinence - PSD 506 - novel agent for the treatment of overactive bladder in-licensed from Hoffman La Roche • Plethora raised £10 million via a Placing at 135p per Ordinary Share • The proceeds of the Placing will be used to fund the development of the Company's existing product pipeline • On admission, the market capitalisation at the Placing Price will be £30 million • Plethora has a strong management team lead by Steven Powell, Chief Executive • Collins Stewart Limited is the nominated advisor and broker Stuart Wallis, non-executive Chairman of Plethora, commented: "Our flotation on AIM marks an important step forward in the development ofPlethora. We have built up an advanced stage product pipeline targeting rapidlygrowing markets. Our management have the experience and the ability to realisethe full potential of our current portfolio. We now have the funding to makethis happen. The Board of Plethora looks forward to the remainder of the yearwith excitement and confidence." PLACING STATISTICSPlacing Price 135pNumber of Ordinary Shares placed on behalf of the Group 7,407,407Market capitalisation at the Placing Price on Admission £30 millionNumber of Ordinary Shares in issue on Admission 22,222,420Percentage of enlarged issued share capital subject to the Placing 33.33%Gross proceeds of the Placing available to the Company £10 millionNet proceeds of the Placing available to the Company £8.9 million For further information contact: Steven Powell Tel : 020 7269 8630Plethora Solutions Tim Mickley Tel : 0207 523 8350Collins Stewart Tim Anderson, Isabel Podda Tel : 020 7466 5000Buchanan Communications This information is provided by RNS The company news service from the London Stock Exchange