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(PLE.L) Plethora Solutions Holdings PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 19-11-09 | RNS |
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RNS Number : 8055C Plethora Solutions Holdings PLC 19 November 2009
PLETHORA SOLUTIONS HOLDINGS PLC ("Plethora" or the "Company") Directors' dealings As announced on 18 November 2009, the Directors intend to participate in the Fundraising through the subscription for 1,950,000 new ordinary shares at the placing price of 10p each. In aggregate they will invest £195,000 in the placing, being 12.5% of the Fundraising. The Directors' interests in the Company before and following completion of the Fundraising is set out in the table below.
Director
Following the Fundraising, the total enlarged issued share capital of the Company will be 41,965,800 and no ordinary shares will be held in treasury. Therefore, following the Placing, the total number of voting rights in the Company will be 41,965,800. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. Enquiries: Plethora Solutions
FinnCap
Hansard Group
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, stress urinary incontinence, interstitial cystitis, gynaecological pain, erectile dysfunction and premature ejaculation. 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 This information is provided by RNS The company news service from the London Stock Exchange END
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| 18-11-09 | RNS |
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RNS Number : 6801C Plethora Solutions Holdings PLC 18 November 2009 18 November 2009
PLETHORA SOLUTIONS HOLDINGS PLC Placing of New Shares and Issue of Convertible Loan Note Roll-out of The Urology Company Limited Plethora Solutions Holdings PLC ("Plethora", AIM: PLE), a UK based specialty pharmaceutical company, announces that it has concluded an agreement to raise £1.57 million via a Placing of New Ordinary Shares and New Convertible Loan Notes. The Placing The Placing comprises New Ordinary Shares and New Convertible Loan Notes which have been placed, subject to the successful passing of certain resolutions at a General Meeting of the shareholders, with new and existing investors. £1.12m has been raised through the issue of 11,150,000 New Ordinary Shares of 1p each at a placing price of 10p per share. The New Ordinary Shares will rank pari pasu with the existing ordinary shares of the Company. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading will commence on Tuesday 8 December 2009. A further £450,000 has been raised by issuance of New Convertible Loan Notes due December 2012 bearing a 13% coupon and convertible at 12.5p. These loan notes may convert into 3,600,000 shares. In addition, existing holders of two convertible loan notes, in aggregate being £1.75 million, have agreed that the terms of the existing loan notes will be brought onto the same basis as the New Convertible Loan Notes. The amendments will include extending the maturity of both existing convertible loan notes from September 2010 and January 2011 to December 2012. This improves the Company's liquidity profile by moving maturity to a later period. The Directors have, as part of the Placing, committed to subscribe for 1.95 million new shares raising £195,000, being 12.5% of the total amount raised through the conduct of the fundraising. Details of the Directors' holdings will be published separately. The Placing is subject to approval by shareholders at a General Meeting to be held at 9:00am on Monday 7th December. Details and Notice of the meeting are included in a circular which is being sent to shareholders today and is available on the Company's web site. Use of Proceeds The net proceeds of the fundraising, estimated to be £1.5 million, will provide additional working capital to take the Group to revenue generation in the near term from product sales from its new subsidiary, The Urology Company Limited, and from high value, medium term licensing income from its clinical assets. The Urology Company Limited
Funding PSD502 and PSD503 through to revenue generation
Dr Steven Powell, CEO of Plethora, commented: "We are delighted to now have the financial resources to complete the transition of Plethora from a cash consuming, development lead company into a sustainable urology business with revenue flowing from both near term product sales and high value, medium term licensing income. We are grateful to both existing and new investors whose financial support should enable us to steer the Company to profitability".
Steven Powell/Ronald Openshaw
Geoff Nash/Marc Young
About Plethora: Plethora is a specialty pharmaceutical company 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 management and 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 This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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RNS Number : 9121Z Plethora Solutions Holdings PLC 30 September 2009 30 September 2009
PLETHORA SOLUTIONS HOLDINGS PLC Clinical Update Additional supportive positive clinical data from PSD506 studies in incontinence in women and benign prostatic hyperplasia in men Summary
Plethora Solutions Holdings PLC ("Plethora", AIM: PLE), the specialist developer of products for the treatment and management of urological disorders, has announced results from clinical studies with PSD506 with patients with urinary urge incontinence (UUI) and/or benign prostatic hyperplasia (BPH). These studies have shown that PSD506, a potential novel drug treatment for overactive bladder in women also known as UUI, is safe at doses equal to the clinically effective dose of 20mg which had been identified in a previous Plethora study. PSD506 is a novel drug entity developed for the treatment of UUI in women and potentially UUI and Lower Urinary Tract Symptoms (LUTS) in men. PSD506 represents the first of a new generation of a drug class known as anti-muscarinics and these drugs are the mainstay of the management of UUI. Although members of this drug class can be highly effective, they are poorly tolerated due to the compliance-limiting side effect of dry mouth, which in some cases can result in patients not being able to speak nor swallow. PSD506 is a member of this class but has a different pharmacological profile from existing drugs in this class. PSD506 works by selective and potent antagonism of two receptors important for mediating over-excitability of the human bladder, M2 and M3 muscarinic cholinoceptors. PSD506 has the potential to improve the inhibition of hyperactivity in urological tissues, while sparing common anti-muscarinic side-effects of dry mouth, gastrointestinal disturbance and dizziness/ confusion, which are observed with current therapies in the class. Plethora licensed exclusive rights to PSD506 from F. Hoffmann-La Roche Ltd. Prior to this study, the optimal clinically effective dose of PSD506 has been determined as 20mg in a study reported by Plethora in 2008. These latest studies show that none of the patients receiving PSD506 reported any serious adverse events and the new data provide further evidence that the drug is well tolerated not only in women but also, for the first time, in men with BPH at doses that could produce clinical benefit. There were no reports of dry mouth in either study. The clinical benefit will now be defined in additional studies. Dr Mike Wyllie, Plethora CSO commented: "These studies provide additional evidence for the safety of PSD506 in women and for the first time in men with BPH. Particularly pleasing is the fact that little dry mouth has been seen in over 200 volunteers and patients and this provides evidence of a major point of clinical differentiation over marketed anti-muscarinic agents. PSD506 could also become the first anti-muscarinic agent specifically approved for treatment of men with BPH" UUI is characterized by an unpredictable, frequent and sudden need to urinate, which may or may not result in the leaking or gushing of urine. It is estimated that approximately 7 million women in North America, France, Germany, Italy, Spain and the United Kingdom experience moderate to severe UUI and a further 12 million suffer from moderate to severe mixed incontinence. Anti-muscarinic drugs typically provide first line therapy for this condition. Approximately 45 million men in the USA and Western Europe suffer from BPH which is poorly controlled by existing drugs such as alpha-blockers and 5-alpha-redcutase inhibitors. Existing, marketed anti-muscarinic agents are contra-indicated in BPH.
Enquiries:
Steven Powell
Geoff Nash/Marc Young
Adam Reynolds/John Bick 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). 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 This information is provided by RNS The company news service from the London Stock Exchange END
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| 17-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 1980Z
Plethora Solutions Holdings PLC
17 September 2009
17 September 2009
Plethora Solutions Holdings PLC
('Plethora' or 'The Group')
Interim Results for the six months ended 30 June 2009
OVERVIEW:
During the year to date Plethora has:
* Executed key corporate transactions
* Undertaken a financial restructuring of the business
* Reduced the cost base of the business significantly
* Delivered major clinical development milestones
* Implemented a new, capital efficient business model
Financial Highlights:
* In the first half of 2009 the Group reported revenues of £15.8m and a profit after tax of £10.8m from continuing operations
* Operating costs have been reduced substantially and the benefit of this will be seen in the second half of the year
* Debt was reduced from £30.8m to £2.75m and, post the reporting period, reduced further to £1.75m
Operational Highlights:
* In April, the Group announced an amendment to the existing US license agreement with Sciele Pharma, Inc. under which Sciele acquired US rights to PSD502 for the treatment of premature ejaculation. This provided important financial resources to the Group.
* In May, the Group announced a major financial restructuring and an extension to the Sciele agreement through which Sciele acquired global rights to PSD502 with Plethora retaining a commercial interest in the product through a royalty agreement with Sciele. This restructuring reduced the debt burden on the Group substantially from £30.8m to £2.75m.
* In July and post the financial reporting period, Plethora announced a collaboration with a global pharmaceutical company for the development of PSD503 for the treatment of stress urinary incontinence, development is now progressing in their hands.
* Also in July, the Group announced the results of the final part of the Phase III work on PSD502. The US Phase III clinical trial results were highly clinically and statistically significant. This now completes the majority of the clinical development work and preparation is underway for regulatory filing of PSD502 in Europe and the United States.
With the exception of Invicorp (PSD510), development work on the Plethora clinical development pipeline has been completed. The focus for the Group is now to build sustainable value for shareholders.
For further information contact:
Plethora Solutions Tel : +44(0) 20 3077 5400
Steven Powell
FinnCap Tel : +44(0) 20 7600 1658
Geoff Nash/Marc Young
Hansard Group Tel: +44(0) 20 7245 1100
Adam Reynolds/John Bick
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). The Company is headquartered in the UK and is listed on the London Stock Exchange (AIM:PLE)
Additional information is available at www.plethorasolutions.co.uk
Interim financial results for the six months to 30 June 2009
As a result of a series of significant corporate transactions, in the first six months of 2009 the Group recorded revenues of £15.8 million (H1 2008: £0.3 million, FY 2008: £0.6 million) and a profit before tax on continuing operations of £10.8 million (H1 2008: loss £6.3 million, FY 2008: loss £14.1 millon). At 30 June 2009 the Group had cash resources of £3.0 million and borrowings of £2.8 million.
The profit for the first half is due largely to licensing income of £15.4 million recorded in relation to the US license and subsequent acquisition of global rights to PSD502 by Sciele Pharma, Inc. ('Sciele'). In addition, the Group recorded revenues of £0.4 million as reimbursement of R&D expenditure from Sciele in relation to the ongoing clinical work being conducted by Plethora and recovered from Sciele.
Revenues for the second half of the year will be significantly lower than the first six months of the year due to the one-off nature of the Sciele licensing transactions. Second half revenues will be derived from reimbursement of PSD502 development costs from Sciele. The Group anticipates receiving additional future income from PSD502 from royalties on milestones and sales received by Sciele from marketing partners outside of the USA. The royalty revenue stream arising from PSD502 is expected to commence in late 2010.
The results for the period also benefited from a substantial and continued reduction in operating costs. During 2008, the Company predicted that its operating cost base would start to decrease as the clinical development programmes ceased. This can be seen in a 27% decrease in Research and Development costs to £3.3 million compared to the same period last year (H1 2008: £4.5 million, FY 2008: £9.2 million). Taking into account the reimbursement from Sciele R&D costs decreased 36% compared to the same period to £2.9 million. These costs are expected to decline further throughout the remainder of 2009 as development work on PSD502 is completed.
Other Administrative Expenses have also declined to £1.2 million (H1 2008: £1.7 million, FY 2008: £2.5 million). These costs include legal and professional fees of £0.3 million incurred in relation to the restructuring, excluding these Other Administrative Expenses reduced 48% to £0.9m in the first half. The Group has actively sought to reduce expenditure and remove non-essential costs.
At the end of June 2008 the Group's total head count was 76 which was reduced to 69 by 31 December 2008. Following the sale of Timm Medical Industries, Inc. ("Timm") in May 2009 to Paul Capital, the Group headcount was reduced to 15 by 30 June 2009. This number has reduced further post the reporting period.
At 31 December 2008 the Group had total effective borrowings of £30.8 million comprising £27.2 million to Paul Capital Healthcare, a term loan of £2.8 million to ETV Capital SA and a £750,000 convertible loan note due to Merlin Biosciences. In January 2009 the Group announced the issuance a further £1.0 million convertible loan notes to a group of investors. The Paul Capital facility originally comprised an advance of $15.8 million however, due to a put option of x2.5 the original advance, the effective liability was $39.4 million (£27.2 million). Against a backdrop of a difficult financial climate and with an inability to raise equity finance, the Group came under significant pressure to reduce gearing.
On 26 May 2009 the Group announced that it had reached agreements with Paul Capital and ETV Capital for a major financial restructuring. Under this restructuring these lenders received a substantial repayment of their facilities arising out of the US and Global licence agreements with Sciele.
Following the expansion of Sciele's US interest in PSD502, the strategic rationale to own Timm declined and the Company took the decision to monetise its investment in Timm and divest it to Paul Capital to reduce gearing. Paul Capital acquired Timm on 22 May 2009 and agreed a compromise in relation to the remainder of the facility.
As a result of these transactions, Group borrowings on 30 June 2009 totalled £2.8 million. This has been reduced further post the reporting period when in August 2009 the remaining ETV Capital venture debt facility was repaid in accordance with its conditions.
Today the Group no longer has any debt obligations to Paul Capital or ETV Capital. The residual borrowings of the Group are now only £1.75 million in the form of the two convertible loan notes due in 2010 and 2011.
Outlook and Future Strategy:
During the first half of 2009 Plethora has concluded much of the planned clinical development programmes and has put commercial structures in place around two assets, PSD502 and PSD503, which should yield significant value in the near to medium term. The removal of the debt, which had been necessary to finance value adding clinical trials, ensures that this future value will flow to shareholders.
The Company was founded to execute a low risk drug development strategy using known compounds with a well understood pharmaceutical profile in indications where there is a poorly met medical need. Since the completion of the recent restructuring the board has defined and is implementing a new, and it believes, sustainable, strategy to increase shareholder value.
Plethora now has a portfolio of late stage assets principally including:
* A royalty interest in PSD502 for the treatment of premature ejaculation based on sales in Europe and RoW (ex Japan and USA). This is partnered with Sciele, which is now a subsidiary of Shionogi, a major Japanese pharmaceutical company with interests globally.
* A collaboration with a global pharmaceutical company, for the development and commercialisation of PSD503 for the treatment of stress urinary incontinence.
* A series of late stage development projects, particularly PSD510, for the treatment of erectile dysfunction, and PSD597, for the treatment of bladder pain and interstitial cystitis with potential for further out-licensing activity and associated revenues.
While the Group places significant value on each of these assets, long term substantial and sustained revenues from each of these will take time to mature, with royalties flowing potentially from PSD502 in the latter half of 2010. Plethora is therefore creating a business which it believes should provide sustainable and growing near term product sales to balance future royalty income from the current portfolio of assets. The products for this urology business are being sourced from third parties and from within the existing Plethora portfolio. The Board believes that this new dimension to Plethora's operations will create significant future value for shareholders and balance and de-risk the Company's future revenue streams.
In conclusion, the activities of the first half of 2009 have enabled the Company to weather the hostile financial climate and introduce some stability into the business. The implementation of a new and innovative business model means that Plethora is now well positioned to enter a new phase in the development of the Group.
William Robinson Steven Powell
Chairman Chief Executive Officer
Condensed Consolidated Income Statement - Unaudited
Six months ended 30 June 2009
6 months 6 months Year
ended ended ended 31
30 June 30 June December 2008
2009 2008
Note
£'000 £'000 £'000
Revenue 4 15,787 277 640
Cost of sales - - -
Gross profit 15,787 277 640
Administrative expenses
- research and development (3,294) (4,527) (9,203)
expenses
- exchange losses (290) - (2,480)
- other administrative (1,231) (1,722) (2,538)
expenses
(4,815) (6,249) (14,221)
Operating profit/(loss) 10,972 (5,972) (13,581)
Finance costs (222) (311) (534)
Finance income 4 23 46
Profit/(loss) from Continuing 10,754 (6,260) (14,069)
Operations for the period
before taxation
Taxation - 772 763
Profit/(loss) for the period 4 10,754 (5,488) (13,306)
from Continuing Operations
Profit/(loss) from 165 (1,173) (3,082)
Discontinued Operations
Attributable to equity 10,919 (6,661) (16,388)
shareholders
Basic Profit/(loss) per share 6
Continuing Operations 34.9p (19.6)p (47.2)p
Discontinued Operations 0.5p (4.2)p (10.9)p
Total Operations 35.4p (23.8)p (58.1)p
Diluted profit per share
Continuing Operations 24.3p - -
Discontinued Operations 0.4p - -
Total Operations 24.7p - -
Condensed Consolidated Statement of Comprehensive Income - Unaudited
As at 30 June 2009
At 31
At 30 June At 30 June 2008 December
2009 2008
£'000 £'000 £'000
Profit for the period 10,919 (6,661) (16,388)
Exchange movement on translation of - 12 (128)
foreign entities
Total comprehensive income for the 10,919 (6,649) (16,516)
period
Attributable to:
Equity Shareholders 10,919 (6,649) (16,262)
Condensed Consolidated Balance Sheet - Unaudited
As at 30 June 2009
At 31
At 30 June At 30 June 2008 December
2009 2008
£'000 £'000 £'000
Assets
Non current
Goodwill - 1,463 -
Other intangible assets - 3,960 -
Property, plant and equipment 45 184 46
Deferred tax - 213 -
Long term other receivables - 21 -
45 5,841 46
Current
Inventory - 222 -
Trade and other receivables 689 1,204 418
Corporation tax - 763 -
Cash and Cash equivalents 2,976 2,040 515
Cash in escrow - 1,000 -
3,665 5,229 933
Assets for disposal held for sale - - 7,028
Total assets 3,710 11,070 8,007
Liabilities
Current
Trade and other payables (4,102) (3,087) (4,280)
Borrowings 5 (869) (1,717) (1,412)
(4,971) (4,804) (5,692)
Non-current
Borrowings 5 (1,598) (9,596) (2,186)
Deferred tax provision - (1,188) -
(1,598) (10,784) (2,186)
Liabilities for disposal held for - - (14,051)
sale
Total liabilities (6,569) (15,588) (21,929)
Net liabilities (2,859) (4,518) (13,922)
Equity
Share capital 308 280 308
Share premium 20,256 20,103 20,256
Other reserves 4,908 4,908 4,908
Translation reserve - (114) -
Share based payment reserve 1,936 1,764 1,792
Retained loss (30,267) (31,459) (41,186)
Total equity (2,859) (4,518) (13,922)
Condensed Consolidated Interim Cash Flow Statement - Unaudited
Six months ended 30 June 2009
6 months 6 months Year
ended ended ended 31
30 June 2009 30 June 2008 December 2008
£'000 £'000 £'000
Cash flows from operating
activities
Profit/(loss) after taxation 10,919 (6,661) (16,388)
Finance income (3) (48) 534
Finance costs 222 1,425 (46)
Adjustment for foreign 290 (10) 380
exchange
Share based charge 144 464 492
Depreciation of plant and 18 55 44
equipment - continuing
operations
Depreciation of plant and - - 10
equipment - discontinued
operations
Amortisation - 232 464
Change in inventories - 86 31
Change in trade and other (271) 99 170
receivables
Change in trade and other (178) (290) 4,121
payables
Taxation income per income - (802) (763)
statement
Cash generated/(utilised) from 11,141 (5,450) (10,951)
operations
Interest paid (163) (679) (508)
Income taxes received - 601 1,084
Net cash inflow/(outflows) 10,978 (5,528) (10,375)
from operating activities
Cash flows from investing
activities
Disposal of discontinued (7,676) - -
operations and repayment of
associated indebtedness
Purchases of property, plant (17) (8) (3)
and equipment
Net debt classified as held - - 9,051
for resale
Interest received 3 48 46
Net cash inflow/(outflow) from (7,690) 40 9,094
investing activities
Cash flows from financing
activities
Proceeds from issue of shares - - 420
Repayment of borrowings (1,979) (806) (1,980)
Proceeds from reciept of 1,000 7,500 1,000
borrowings
Transferred to escrow - (1,000) -
Loan receipt costs 152 (756) -
Share issue costs - - (239)
Net cash inflow/(outflow) from (827) 4,938 (799)
financing activities
Net increase/(decrease) in 2,461 (550) (2,080)
cash and cash equivalents
Effect of exchange rate - (5) -
changes
Cash and cash equivalents at 515 2,595 2,595
beginning of period
Cash and cash equivalents at 2,976 2,040 515
end of period
Condensed Consolidated Statement of Changes in Equity - Unaudited
Six months ended 30 June 2009
Share Share premium Other Translation reserve Share based payment Profit Total
capital reserves reserve and loss account
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance 1 January 2009 308 20,256 4,908 - 1,792 (41,186) (13,922)
Exchange movement - - - - - - -
Net profits recognised - - - - - - -
directly in equity
Profit for the period - - - - - 10,919 10,919
Total recognised - - - - - 10,919 10,919
income/(expense) for the year
Employee share based - - - - 144 - 144
compensation
Balance at 30 June 2009 308 20,256 4,908 - 1,936 (30,267) 2,859
Share Share premium Other reserves Translation reserve Share based payment Profit Total
capital reserve and loss account
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance 1 January 2008 280 20,103 4,908 (126) 1,300 (24,798) 1,667
Exchange movement on - - - (128) - - (128)
translation of foreign
entities
Net losses recognised directly - - - (128) - - (128)
in equity
Discontinued Operations - - - 254 - - 254
Loss for the period - - - - - (16,388) (16,388)
Total recognised expense for - - - 126 - (16,388) (16,262)
the year
Issue of new shares 28 392 - - - - 420
Cost of issue of new shares - (239) - - - - (239)
Employee share based - - - - 492 - 492
compensation
Balance at 31 December 2008 308 20,256 4,908 - 1,792 (41,186) (13,922)
Share Share premium Other reserves Translation reserve Share based payment Profit Total
capital reserve and loss account
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance 1 January 2008 280 20,103 4,908 (126) 1,300 (24,798) 1,667
Exchange movement - - 12 - - 12
Net profits recognised - - - 12 - - 12
directly in equity
Loss for the period - - - - - (6,661) (6,661)
Total recognised - - - 12 - (6,661) (6,649)
income/(expense) for the year
Employee share based - - - - 464 - 464
compensation
Balance at 30 June 2008 280 20,103 4,908 (114) 1,764 (31,459) (4,518)
Notes to the Financial Information
1. Basis of Preparation
The interim financial information is unaudited. This consolidated financial information for the six months ended 30 June 2009 has been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. The half yearly consolidated financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2008, which have been prepared in accordance with IFRSs as adopted by the European Union.
The financial information set out in the interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 2008, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 237(2) or Section 237(3) of the Companies Act 1985. The interim report was approved by the Board on 16th September 2008.
This interim financial information has been prepared using the accounting policies set out in the Group's 2007 statutory accounts.
A copy of the interim results for the six months ended 30 June 2008 will be available on the Company's website at www.plethorasolutions.co.uk.
2. Post Balance Sheet Events
On 6 August 2009, after the balance sheet date, in accordance with the terms of the loan agreement the Group repaid the remaining balance outstanding on the loan to ETV Capital SA. Following this point the Group's only borrowings comprise £1.75 million in two convertible loan notes.
3. Going Concern
In considering the appropriate basis of the interim financial information the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future.
At 30 June 2009 the Group had £3.0 million of cash and cash equivalents. Following conclusion of the global agreement with Sciele relating to PSD502 a substantial proportion of the Group's ongoing costs relating to that programme are reimbursed. This has significantly reduced operational cash outflow.
The Directors have prepared cash flow forecasts for the period to 30 September 2010, which show that the Group has adequate working capital for that period. These forecasts are, however, dependent on the timely reimbursement of costs from its partners, the receipt of certain funds from the commercialisation of PSD502 and the receipt of funds from planned capital raising initiatives. To the extent that the cash flow from these items is delayed and/or significantly lower than anticipated, then the Group would not have sufficient capital and would then have to seek finance in order to remain as a going concern.
4. Segmental Reporting
The Group's revenue and profit from continuing operations were all derived from the principal activity of development and sale of products for the diagnosis, treatment and management of urological disorders. This activity was undertaken solely within the United Kingdom. All of the Group's revenue has been derived from external customers.
5. Borrowings
6 monthsended 30 6 monthsended 30 June 2008 Year ended 31 December 2008
June 2009
£*000 £*000 £*000
Current borrowings
ETV Capital SA 869 - 1,412
Paul Capital Healthcare - 574 -
Convertible loan notes due - 1,143 -
2011
869 1,717 1,412
Non current borrowings
ETV Capital SA - 2,652 1,436
Merlin Biosciences Fund III 750 - 750
Paul Capital Healthcare - 6,944 -
Convertible loan notes due 848 - -
2011
1,598 9,596 2,186
Total Borrowings 2,467 11,313 3,598
(i) ETV Capital S.A.
In May 2007 the Group entered into a loan with ETV Capital S.A. for £4.0 million, with an original maturity of September 2010. The loan contained a provision to be convertible into ordinary shares. Interest was charged at 13.51% per annum. The loan was secured by a fixed and floating charge over the assets of the Group and an amount of £1.0 million was held as cash collateral.
On 26 September 2008 the Group entered into a variation of the loan agreement to provide an additional £250,000 of usable funds from the cash collateral held, in addition an amount of £750,000 was repaid under the facility. On 30 January 2009 the Group entered into a further variation to the loan agreement, and was granted with deferred payments for the period from December 2008 to February 2009. The arrangement provided that an additional payment be made equivalent to the total payments deferred upon completion of the amendment to the Sciele License. These payments were made on schedule in March 2009 and the final maturity was amended to June 2010.
On 26 May 2009 the Group entered into a final variation of the loan agreement and ETV Capital S.A. agreed to release its first and fixed floating charge over the Group's assets, and waived it rights to convert the loan into equity, in exchange for a fixed charge over certain bank accounts and maintaining minimum balances in excess of the loan principle. On 6 August 2009, after the balance sheet date, in accordance with the terms of the loan agreement the Group repaid the remaining balance outstanding on the loan.
(ii) Merlin Biosciences Fund III
On 29 September 2008, Merlin Biosciences Fund III entered into a two year convertible loan note with the Group providing issue proceeds of £750,000. This convertible loan note matures on 29 September 2010 and bears a coupon of 13.5% per annum, with the interest being repaid at maturity. The loan note is convertible at the holders option into ordinary shares at a price of 25p per share.
As set out in (ii) above, Merlin Biosciences Fund III provided a guarantee to ETV Capital S.A. This guarantee is secured by a guarantee by the Group to Merlin Biosciences Fund III.
(iii) Convertible loan notes due 2011
On 16 February 2009, following shareholder approval, the Group issued 1,000,000 £1 loan notes to certain institutional investors. The loan notes bear interest at the rate of 4% per annum, the payment of the interest accrued is at final maturity of the loan. These loan notes are repayable in full on the second anniversary of issue, being 15 February 2011. The loan note holders may convert the notes at any point prior to maturity at a conversion price of 25p per share. In consideration for the note holders subscribing for the loan notes they were granted with warrants to acquire up to 1,333,332 new ordinary shares in the Group at an exercise price of 33p per share. While the liability under the Convertible Loan notes is £1 million, under IFRS the balance is shown net of the expenses incurred in raising the finance which are amortised to the Income Statement over its life.
(iv) Paul Capital Healthcare (included within discontinued operations)
The Group entered into a Revenue Finance Agreement (the "RFA") on 27 March 2008 with Paul Capital Healthcare ("Paul Capital"). The Group received $15 million on signature. In return, Paul Capital received an interest in the revenues generated from Plethora's male-health portfolio, primarily on revenues derived from sales of ErecAid®, PSD502 and PSD510. The revenue interest is calculated on a decreasing percentage of revenues over time. The agreement expires in 2018. Plethora has the right to terminate the agreement at any time before then by making a final payment to Paul Capital which will be the greater of either (a) 250% of the payments funded by Paul Capital, or (b) an amount that would generate an IRR of 25% on the amounts funded by Paul Capital. This final payment shall be reduced by amounts already paid to Paul Capital. The loan is secured against the assets of the male-health portfolio.
The proceeds received from Paul Capital met the definition of financial liabilities under IAS39 and accordingly were treated as financial liabilities. Revenue interest paid to Paul Capital is treated as a repayment of the liability and notional interest was charged on the liability using the effective interest rate at inception of 26.9%. Any change in the estimated future payments to Paul Capital is recognized as income or expense in the income statement.
On 26 September 2008 the Group entered into an amendment to the RFA and Paul Capital advanced a further $750,000 on the same terms as the previous amounts.
Under an agreement dated 26 May 2009, the Group entered a compromise agreement with Paul Capital for the termination of the RFA. Under this compromise the Group has agreed to sell its subsidiary Timm Medical Technologies, Inc. ("Timm") to Paul Capital. Under the RFA Timm is the borrower and due to the classification of Timm as an asset held for resale, the RFA does not appear as a borrowing of the Group at 31 December 2008. Instead the liability to Paul Capital which was recorded as $15.75 million, together with accrued interest, at 31 December 2008 is included in the Liabilites Held For Resale.
6. loss per Share
6 monthsended 30 6 monthsended 30 Year ended31 December 2008
June 2009 June 2008
Profit/(loss) for the period
(£*000)
Continuing operations 10,754 (5,488) (13,306)
Discontinued operations 165 (1,173) (3,082)
Total operations 10,919 (6,661) (16,388)
Basic weighted average number 30,815,801 28,014,365 28,198,569
of shares (number)
Profit/(loss) per share
(pence)
Continuing operations 34.9p (19.6)p (47.2)p
Discontinued operations 0.5p (4.2)p (10.9)p
Total operations 35.4p (23.8)p (58.1)p
Basic weighted average number 44,195,445
of shares (number)
Profit per share (pence)
Continuing operations 24.3p
Discontinued operations 0.4p
Total operations 24.7p
No diluted loss per share is shown for the periods ended 30 June 2008 and 31 December 2008 as the share options and convertible debt are anti dilutive.
7. Disposal of Timm Medical
On 22 May 2009 the Group entered into a compromise agreement with Paul Capital Healthcare, one feature of this agreement was that Plethora sold the entire issued share capital of its US subsidiary Timm Medical Industries, Inc to Paul Capital.
£'000
Net liabilities 336
Professional fees (170)
Profit on disposal 166
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFWFWMSUSESU
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Plethora scoops £1.6m
http://www.growthcompany.co.uk/news/1094797/plethora-scoops-16m.thtml More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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Just pointing out the competitors for the 'unique' product.
I note the injection treatment for ED too. FUM have a non prescriptive condom for that due for market next year then the gel on it's own under another name. non prescriptive and none of the side effects. I'm just pointing out these things as I didn't know about PLE. having read the 'no competitors' part, as on the PLE website, it's not strictly true is it. My point was that for this wonder PE treatment there are already two products ahead of this one. So revenues as an apparent unique solution won't be as high as some may be hoping for. More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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PLE sold its rights of the PSD502 premature ejaculation product to Sciele Pharma back in May 2009. PLE will be getting royalties from them on future revenues. This was a strategic move to reduce PLE's debt.
PLE have a portfolio of products that if successfully launched will either be the first of their kind or will compete with similar products on the market. At the moment, there are very few or no competitors to their products. This certainly gives them an advantage over others but what is important is that they keep the ball rolling and launch these drugs as soon as possible. More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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Please don't think I'm stomping all over this but this share appeared on my programme list as a possible.
Having looked at it I note it's most advanced drug is for PE. I have been with FUM for a while who have ED type products (non prescriptive) probably on the market next year. AS for PE they have a product called PET500. While it was a long way behind this one. Recently the FDA have commented that with modifiction it can be marketed in the US almost immediately. See below 'Based on regulatory advice received from the USA, the PET500 formulation is being modified to comply with an existing FDA monograph. Independent regulatory advice has confirmed that the product can be marketed in the USA without any further clinical data'. When it said 'existing FDA monograph' that set alarm bells off. Then I found (this week) Promescent, a PE over the counter treatment already available in the US. www.promescent.com/Default.aspx. Hence while I was looking to buy shares in PLE it's lead product has a similar one already on sale in the US and apparently FUM about to leap frog it with PET500. While PLE also have other products, the PE treatment could have been good for revenues, but they are already behind others now on this product. Just trying to be helpful on my findings More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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