28 Nov 2013 07:00
28 November 2013
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Resignation of CEO
Plethora Solutions Holdings plc (AIM: PLE) announces that it has agreed with Ronald Openshaw that he will step down from the board and resign as Chief Executive Officer on 30 November 2013. Ronald has concluded that he wishes to devote his time to his consulting firm Lucia Capital LLP.
Ronald commenced his involvement with Plethora in early 2009 when he became interim CFO. In 2009 he led the Company's efforts to restructure its debt obligations which concluded with the Termination and Release Agreement with Paul Capital and the full repayment of the loans to ETV Capital.
At the beginning of 2011, Ronald was appointed the Company's CEO following the serious illness of the previous CEO.
In 2011, Ronald negotiated the first agreement to return economic and operational control in Europe and the Rest of the World (excluding certain territories) to PSD502, the Company's treatment for premature ejaculation, from Shionogi. Concurrent with that transaction a fundraising was completed which was corner-stoned by Jim Mellon, now the Company's Chairman. That agreement paved the way for the submission of the European dossier to the European Medicines Agency for the centralised approval of PSD502. On 19 November 2013, the Company announced that the European Commission had granted a marketing authorisation for PSD502 under the name 'Prilocaine Lidocaine Plethora'.
In August 2013, Ronald concluded the agreement with Shionogi for the return of the economic and operational control for the remaining rights to PSD502 in North America, South America, Japan, Korea, Taiwan and China. This will lead to the submission in 2014 of a New Drug Application to the US Food and Drug Administration. Following this and the CHMP opinion Ronald co-ordinated a financing to raise £4.4 million which was announced in October 2013.
Following Mr Openhaw's resignation, the board has asked Mike Collis to act as Chief Financial Officer on a part time basis with effect from 1 December 2013. Mr Collis was appointed to the board on 9 September 2013 as a non-executive director. In addition, Romero Tayong will be appointed as Company Secretary. Mr Tayong is the Company's Financial Controller and has worked with the Company since 2008. He is a Certified Accountant.
Jim Mellon, Chairman of Plethora said:
"The Company is indebted to Ronald who has led the financial restructuring of the business, the return of the global rights to PSD502 and the European approval of the product. Through his efforts, Plethora has been restructured and is now well financed to deliver upon its objectives of commercialising PSD502 on an international basis. We thank Ronald for his efforts and achievements and wish him well in his next ventures. In due course, the Company intends to further strengthen the management team and a further announcement will be made when appropriate."
-Ends-
Enquiries:
Plethora Solutions Ronald Openshaw, CEO Mike Wyllie, CSO Mike Collis, CFO | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / James Felix (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.