Plethora licenses two clinical-stage compounds from Metris

By Elaine Rigoli

Tampa, Fla., June 22 - Plethora Solutions Holdings PLC announced that it has in-licensed two clinical-stage compounds together with access to a proprietary drug-delivery technology from Metris Therapeutics Ltd., a private U.K. drug-development company.

The two compounds are M5003 for treatment of dysmenorrhea (period-pain/menstrual cramps) and M5004 for treatment of endometriosis (a painful condition of the womb often resulting in infertility).

Plethora said it will undertake a phase 2b study for M5003 and a pilot clinical study for M5004.

The cost of these studies will be met in part by the placing of 374,995 new ordinary Plethora shares with a number of Metris shareholders raising £750,000. The remaining development costs will be met by Plethora from existing cash resources.

Upon completion of the prescribed phase 2 program for each compound, Plethora said it will license the projects to pharmaceutical marketing partners with participating Metris shareholders sharing in any future license income. Metris shareholders participating in the placing are SV Life Sciences, Sofinnova Capital, 3i Group plc and Northern Venture Managers.

Plethora is a specialty pharmaceutical company located in London.

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