* Reports wider full-year loss from cont ops
* Says Sciele Pharma to pay extra $8.4 mln for drug rights
* Says chairman to retire at AGM, names new chairman
* Cash, short-term investments 2.9 mln stg at April 30
* Shares rise 6 pct
May 26 British urology specialist Plethora
Solutions Holdings Plc PLE.L said on Tuesday it had reduced
its debt by over 90 percent as it received $8.4 million more
for the global rights for its premature ejaculation drug from
Sciele Pharma Inc.
The company also said it divested its Timm Medical
Technologies Inc unit to reduce financing burden.
Plethora said Sciele Pharma, a unit of Shionogi Corp, would
also share development costs for the drug, PSD502, for non-U.S.
territories and pay a royalty on future revenue.
"Following the combination of transactions announced today
cash resources have increased, gearing has been reduced and the
board believes that the group is now in a position to enhance
shareholder value," Chief Executive Steven Powell said in a
The company reported a loss of 13.3 million pounds ($21.14
million) from continuing operations relating to drug
development activities for 2008, compared with a loss of 10.9
million pounds in 2007.
Cash and short-term investments at April 30 stood at 2.9
million pounds, up from 0.5 million pounds at Dec. 31, 2008.
The company also said its Chairman Stuart Wallis would
retire at the end of the forthcoming annual general meeting and
would be replaced by Bill Robinson, a non-executive board
Three other non-executive directors have also agreed to
retire, it said.
Plethora shares were up 6 percent at 35.5 pence at 0834 GMT
on the London Stock Exchange.
(Reporting by Ramkumar in Bangalore; Editing by Anne
Pallivathuckal and Gopakumar Warrier)