Plethora 1st-half 2007 loss widens to L4.8M

UK biotechnology firm Plethora Solutions Holdings' first-half 2007 pretax loss widened to L4.8 million ($9.8 million) on the back of higher costs of Phase II trials for its urinary and erectile dysfunction drug product candidates.

During the the period, the firm received a $7.0 million equity investment at L2 per share from USA-based Sciele Pharma for domestic rights to PSD502 for premature ejaculation. An Investigational New Drug application on the drug has been opened. As part of the deal, Plethora retains co-promotion rights for the agent. Ex-US rights to for PE are currently in negotiation, the UK firm noted.

Looking at the near term, company chief executive Steven Powell said that "2007 is a year of investment in clinical development." He noted that the licensing agreement signed with Sciele will provide Plethora with a platform to begin the transition from a development-led organization to a more balanced group with revenues derived from both licensing and product sales.