Plethora comes to AIM
Article Date: Mar 24 2005
Plethora Solutions, developer of products treating a variety of urological diseases, has floated on AIM, raising £10 million in a placing advised by Collins Stewart.
Plethora, which originally intended to float almost two years ago as Medpharma, plans to license out products for the diagnosis and treatment of conditions such as prostate cancer, premature ejaculation, erectile dysfunction and incontinence. Leading the venture is CEO Dr Steven Powell who has 20 years of experience in the pharmaceutical and life sciences sector. Legendary biotech entrepreneur Sir Christopher Evans is acting as chairman, having backed the company through his Merlin Biosciences investment vehicle.
The company’s main drug candidate is a spray for preventing premature ejaculation, a problem that affects around a third of men at some point in their lives. Plethora’s TEMPE spray numbs parts of the affected area to increase time to ejaculation by an average eight times, claims the company, which also states that patients and partners ‘have expressed satisfaction with the treatment’.
The £8.9 million net proceeds of the placing will be used to fund the continued development of TEMPE and the other existing products.
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