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Plethora revenues set to surge on drug rights sale
UROLOGY specialist Plethora Solutions Holdings said yesterday it had cut its debts by over 90 per cent after selling the global rights for its flagship premature ejaculation drug to Sciele Pharma.
Sciele, owned by Japan’s Shionogi, will pay $8.4m (£5.3m) for the rights, as well as sharing the cost of developing the drug for non-US territories. Plethora will receive a royalty on future revenues.
Plethora also said it had divested its Timm Medical Technologies unit, which markets a medical device to treat erectile dysfunction, to reduce its financing burden.
The firm posted a loss of £13.3m for 2008, down from a £10.9m loss in 2007. It added chairman Stuart Wallis is to retire and will be replaced by non-executive Bill Robinson.