7th Oct 2014 08:50
LONDON (Alliance News) - Plethora Solutions Holdings PLC said Tuesday that its premature ejaculation treatment PSD502 will be marketed as 'Fortacin' in the EU following approval from the European Medicines Agency for the name.
Fortacin will be marketed by Recordarti SpA under the company's licensing agreement, which also covers rights for Russia, the Commonwealth of Independent States, Turkey and some countries in North Africa.
Plethora expects to receive its first upfront payment from Recordarti of EUR5 million by October 20. Under the agreement, Recordarti will pay up to EUR46 million in milestone payments, and tiered percentage royalties on net sales ranging from mid-teens to mid-twenties for 10 years from the first sales of Fortacin. Recordati assumes all costs associated with sales and marketing of Fortacin in its territories.
Plethora continues to negotiate licensing agreements with other potential partners in other areas. It said it is continuing to make good progress with its new drug application for PSD502 for submission to the US Food and Drug Administration. It is working towards submitting this application by the end of 2015.
"We are working hard to create additional long-term shareholder value from PSD502 through further licensing deals, including in the large and highly developed US market, where we are progressing towards submission to the FDA," said Chief Executive Jamie Gibson in a statement.
Shares in Plethora were trading up 3.5% at 8.28 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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