8 Dec 2008 07:00
Embargoed Release: Monday 8 December 2008
Plethora Solutions Holdings plc
("Plethora" or "the Company")
Additional funding of £1m
Plethora Solutions Holdings PLC ("Plethora", AIM : PLE), the specialist developer of products for the treatment and management of urological disorders, today announces it has raised £420,215 by way of a placing of 2,801,436 new ordinary shares of 1p each ('Placing Shares') in the Company at a price of 15p per share. This placing represents the maximum number of shares available under existing s89 shareholder authority. In addition the Company will shortly receive approximately £560,000 as an advance payment from a trade partner.
The combined cash inflows of approximately £1m before costs will enable the Company to continue to work towards the commercialisation of its assets, particularly the continuing development of PSD502 for the treatment of premature ejaculation on which there has been a separate announcement this morning.
The placing is conditional on the Placing Shares being admitted to trading on AIM, following which Plethora will have a total issued share capital of 30,815,801 ordinary shares. Application has been made for the Placing Shares to be admitted to trading on AIM, and it is expected that Admission will become effective and dealings in the Placing Shares will commence on 12 December 2008.
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, stress urinary incontinence, interstitial cystitis, gynaecological pain, erectile dysfunction and premature ejaculation. Plethora has a US subsidiary, Timm Medical Technologies Inc, which markets products for the treatment of erectile dysfunction (ED) to urology clinics through a US national sales operation. 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