Plethora Sold the Rights of PSD502, The Premature Ejaculation Spray ( Tempe Spray ) to Sciele Pharma

UK based urology specialist company - Plethora Solutions Holdings Plc said on Tuesday, May 26 it had reduced its debt by over 90 percent as it received $8.4 million for the global rights for its premature ejaculation drug (PSD502 spray) from Sciele Pharma Inc.

Plethora said Sciele Pharma, a unit of Shionogi Corp, would also share development costs for the drug, PSD502 ( Tempe spray ), 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 statement.

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