Plethora Solutions Holdings Plc Regulatory News (PLE)

25 February 2013

Plethora Solutions Holdings PLC

("Plethora" or the "Company")

Strategic review of The Urology Company Limited

On 5 February 2013 Plethora announced that at the same time as it was arranging a further round of financing, it had commenced a strategic review of The Urology Company Limited ("The Urology Co").

The Urology Co was founded in 2009 to create a profitable trading base for the Group as a whole. While revenues have grown over the period since inception, The Urology Co has incurred, and continues to incur, losses.

The Company has reviewed the cost base of The Urology Co to determine if it could be cut to drive profitability and concluded that it could not achieve that objective in the short term. Further, the sale of the business as a going concern has been explored and no buyer has been found. Plethora has therefore concluded that, given the on-going capital needs of The Urology Co, it is no longer viable to continue to finance that company.

Consequently, Plethora announces that it intends to appoint Nick Cropper, Fraser Gray and Anne O'Keefe of advisory and restructuring specialists Zolfo Cooper as administrators. This appointment will be confirmed in due course and appropriate advice for creditors will be made available upon confirmation of appointment.

As a result of this decision, Plethora has further reduced the operating cost base of the Company and will now focus its entire efforts on the regulatory approval, commercialization and launch of PSD502, a treatment for premature ejaculation.

In the announcements of 5 February and 14 February Plethora stated that it was seeking to complete an urgent round of financing. The Company can confirm that plans for this financing are now nearing completion and a further announcement is expected to be made within a short period of time.

-Ends-

Enquiries:

About Plethora:

Plethora is focussed on the development and marketing of products for the treatment of urological disorders, particularly PSD502 for the treatment of premature ejaculation.

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 

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 product has completed all clinical testing and has been submitted for approval in Europe with the EMA. The Company anticipates launch in late 2013 or early 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.