19 May 2014 07:00
19 May 2014
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Loan repayment
As announced on 25 February 2013, the Company decided to appoint administrators for the Urology Co following a strategic review to focus its entire efforts on the regulatory approval, commercialization and launch of PSD502, a treatment for premature ejaculation.
Plethora announces that the liquidator of The Urology Company Limited (the "Urology Co") has advised Capital for Enterprise Fund ("CFE") that it intends to make a full and final distribution to CFE of £43,068 in its capacity as secured lender. This sum will be accounted for as a partial repayment of the outstanding CFE loan after taking into account a contractual 25% redemption premium and accrued yield that applies to this repayment. The revised amount of principal outstanding under the CFE loan will be £769,595, excluding accrued interest and redemption premium.
The impact of this partial repayment is to reduce the fully diluted share capital of the Company by 2,547,277 shares, as the CFE loan, redemption premium and accrued interest to March 2015 is convertible at 2p per share. The revised fully diluted share capital will be 713,327,041 shares, assuming the conversion of all outstanding warrants and options in the Company.
-Ends-
Enquiries:
Plethora Solutions Jim Mellon, Chairman Jamie Gibson, CEO Mike Wyllie, CSO Mike Collis, CFO Greg Bailey, NXD
| Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / Ciaran Walsh (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 |
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 launch PSD502 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 Company anticipates launch in 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.