19 Jan 2010 07:00
19 January 2010
Plethora Solutions Holdings plc
("Plethora" or the "Company")
Pre-Close Trading Update
Plethora is pleased to announce its trading update following the completion of the financial year ended 31 December 2009. During the year Plethora completed a successful restructuring which included a substantial reduction in borrowings and secured longer-term licensing revenues. In the second half of the year the Company established a new marketing and distribution subsidiary, The Urology Company Limited, to leverage the Group's expertise in the urology market in the UK.
The Company anticipates announcing results for the year ended 31 December 2009 in March 2010. These results are expected to be in line with analyst expectations and are expected to show the following key features;
As a result of the licensing and collaboration agreement with Sciele Pharma, Inc. for the worldwide rights to PSD502, Plethora's treatment for premature ejaculation, the Company expects to announce total revenues in excess of £17.5 million for the year.
Following the maiden profit recorded in the 2009 interim results, the Company anticipates recording a profit for the full year.
As a result of the financial restructuring announced in May the Group's borrowings have been reduced substantially:
All liabilities to Paul Capital Healthcare and ETV Capital S.A. have been repaid or expunged.
At the year end total borrowings comprised £2.2 million in three tranches of convertible loan notes which have been brought onto common terms and mature on 31 December 2012.
Dr Steven Powell, CEO, said, "Throughout 2009 Plethora has worked to reduce gearing and put commercial structures in place to ensure that embedded value in the development pipeline accrues to equity shareholders. The establishment of The Urology Company subsidiary is designed to exploit our know-how and expertise in urology and, together with future royalties from our development programmes, create a valuable, growing and sustainably profitable business in the medium term."
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Enquiries:
| Plethora Solutions Steven Powell/Ronald Openshaw | Tel : +44(0) 20 3077 5400 |
| FinnCap Geoff Nash/Marc Young | Tel : +44(0) 20 7600 1658 |
| Hansard Communications John Bick/Kirsty Corcoran | Tel: +44(0) 20 7245 1100 Tel: +44(0) 7872 061007 |
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), interstitial cystitis (PSD597), gynaecological pain (PSD508), 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 therapeutic products 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.