13 Jul 2010 07:00
13th July 2010
Plethora Solutions Holdings plc
Pre-close Trading Update
Plethora Solutions Holdings plc (AIM: PLE, 'Plethora', 'The Company'), the UK-based speciality pharmaceutical company, announces its pre-close trading update following the end of the first half of the financial year to 30 June 2010.
During the first half of 2010 significant progress has been made in the following areas:
- the development of The Urology Company remains on track with generation of initial product sales in the reporting period;
- the recognition of remaining reimbursement revenue relating to PSD502 from Shionogi Pharma Inc;
- a continued reduction in the Company's cost base and strengthening of the balance sheet.
The Company anticipates publishing its Interim Results in mid September 2010. These results are expected to be in line with analyst expectations and are likely to report revenues for the six months of approximately £1.0 million and cash at 30 June 2010 of £1.4 million.
Bill Robinson, Non-Executive Chairman, said:
"Our interim results will show that the Company is meeting the objectives we outlined in December 2009. The Urology Company has now assembled its initial portfolio of products and undertaken its first product launches. The focus for the remainder of the year will be to generate sales through the marketing subsidiary to add to the embedded value arising from PSD502 and PSD503, which are in the hands of partners."
- ENDS -
Enquiries:
| Plethora Solutions Steven Powell/Ronald Openshaw | Tel : +44(0) 20 3077 5400 |
| Hansard Communications Kirsty Corcoran/John Bick | Tel: +44(0) 20 7245 1100
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| FinnCap (Nominated Adviser and Broker) Geoff Nash/Marc Young | Tel: +44(0) 20 7600 1658
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About Plethora:
Plethora is focused on the development and marketing of products for the treatment of urological disorders. The Urology Company is Plethora's marketing and distribution business, established in August 2009, to target the UK urology market. The Urology Company markets a range of proprietary, branded and generic pharmaceutical products together with selected medical devices and nutritional supplements. Products are marketed directly to specialist prescribing physicians, retail pharmacies and directly to consumers.
In addition, Plethora has a portfolio of products at varying stages of development for the treatment of overactive bladder (PSD506), stress urinary incontinence (PSD503), interstitial cystitis (PSD597), gynaecological pain (PSD508), erectile dysfunction (PSD510 - 'Invicorp') and premature ejaculation (PSD502). 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 and www.theurologyco.com