Plethora droops on increased losses

22nd Apr 2014 11:44

Shares in sexual health specialist Plethora Solutions drooped on news that the company made increased losses last year.On the upside, Plethora confirmed it has now settled on an "unambiguous defined path" for a successful submission for a US regulatory application for its lead product, 'PSD502', a treatment for premature ejaculation. During consultations, the US regulator confirmed that premature ejaculation was "an area of high medical need with a requirement for effective therapy" and recognised the importance of steps taken by Plethora towards this goal.However, the AIM-listed company lost £8.5m in the calendar year, up from £3.87m the year before.The losses were mainly from a £5.23m write-down in the value of warrants, together with a higher-than-usual £1.59m of central costs due to termination payments from the former Chief Executive and the restructuring of debt facilities. It said it has made "good progress" in negotiations with potential commercial partners in relation to a number of territories which will be responsible for the marketing distribution and sale of the treatment. Shares in Plethora were down 1.1% to 10.75p at midday on Tuesday.OH