7 Dec 2009 11:23
7 December 2009
PLETHORA SOLUTIONS HOLDINGS PLC
Result of General Meeting
Plethora Solutions Holdings PLC ("Plethora" or the "Company", AIM: PLE), a UK based specialty pharmaceutical company, announced on 18 November 2009 a proposed £1.57m financing comprising a placing of 11,150,000 new ordinary shares at a price of 10p per share (the "New Ordinary Shares") and the issue of £450,000 of new secured convertible loan notes (together the "Placing"). The Company also proposed the adoption of a new long term incentive plan ("LTIP"). The implementation of these proposals was subject to approval by shareholders in General Meeting.
The Company announces that at the General Meeting held today at 9:00am, all resolutions relating to the Placing and the LTIP were passed. As a result, the New Ordinary Shares will be allotted and issued to participants in the Placing, which is now conditional only upon admission of the New Ordinary Shares to trading on the Alternative Investment Market of the London Stock Exchange plc. Trading in the New Ordinary Shares is expected to commence on 8 December 2009.
The Placing will provide the necessary working capital for the Company to fund operations to the point at which it expects to receive milestone and royalty income from PSD502 for the treatment of premature ejaculation and PSD503 for the treatment of stress urinary incontinence.
In addition, the Placing will provide working capital to fund growth of Plethora's new subsidiary, The Urology Company Limited, a specialist marketing and distribution company targeting the UK urology market.
Since the announcement of the Placing, The Urology Company Limited has entered into exclusive license and distribution agreements for two proprietary products for the UK:
Striant SR® 30 mg mucoadhesive buccal tablets for testosterone replacement therapy in men with hypogonadism which was developed by Columbia Laboratories, Inc.; and
Dianatal® Obstetric Gel to reduce the trauma of childbirth via vaginal delivery developed by Happy Childbirth Holding AG.
Following the allotment of the New Ordinary Shares the total issued share capital of the Company and number of voting rights will comprise 41,965,800 Ordinary Shares. The Company holds no shares in treasury. Shareholders may use the figure above as the denominator to calculate if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.
-Ends-
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 Group 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).
Further information is available at www.plethorasolutions.co.uk.