14 Jun 2012 12:05
14 June 2012
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Subscription of Shares
Plethora Solutions Holdings plc (AIM: PLE), the UK-based speciality pharmaceutical company, announces that it has issued 7,000,000 new ordinary shares of 1p each to raise £350,000 issued at a price of 5p per share on a non pre-emptive basis in accordance with the authorities granted at the last general meeting (the "Subscription").
As part of the Subscription, Galloway Limited, a company owned by a trust in which Mr Jim Mellon, a non-executive director of Plethora, has a life interest, will subscribe for 5,000,000 new shares and as a result his indirect beneficial interest will increase to 25,000,000 new shares, being approximately 12.0% of the enlarged capital of the Company.
Application will be made for the new shares issued to be admitted to trading on AIM. ("Admission"). It is expected that Admission will be effective and trading will commence at 8:00am on 19 June 2012.
Jim Mellon said: "As a director I am delighted to assist in providing funds to drive the business forward. Now that the company has submitted its full dossier for approval by the European Medicines Agency of its treatment for premature ejaculation the company's future is particularly promising."
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Enquiries:
Plethora Solutions Ronald Openshaw, CEO | 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
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Hybridan LLP (Joint Broker) Claire Louise Noyce/ Deepak Reddy | Tel: +44(0) 20 7947 4350
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About Plethora:
Plethora is focussed on the development and marketing of products for the treatment of urological disorders.
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
Plethora is focussed on: (i) seeking to launchPSD502 for the treatment of premature ejaculation; and (ii) driving the development of its speciality sales and marketing business, The Urology Co.
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.
About The Urology Co:
Plethora's subsidiary, The Urology Co, established in 2009, markets and distributes a range of pharmaceutical products, pharmaceutical specials, medical devices and nutritional supplements for the treatment of urology, sexual health, gynaecology and reproductive health conditions. Its products fall into two categories (i) Professional - where a physician, nurse or other healthcare professional makes a prescribing decision and include Gepan® instil, Striant® SR, Urolieve®, Hyalofemme® and Dianatal®; and (ii) Consumer - where the consumer/patient makes a buying decision and include Hyalofemme®, Multi-Gyn®, Multi-Mam® and hI-Cran®.