Plethora secures £1m investment from CfE fund A
London, England – 30th June 2010 - Maven Capital Partners (Maven) as joint manager of the Capital for Enterprise Fund (CfE Fund) has today announced its investment of £1m in Plethora Solutions (Plethora), a speciality pharmaceutical company focusing on acquiring, developing and marketing products for the treatment and management of urological disorders.
The investment made will provide Plethora with additional working capital for the expansion of The Urology Company; its new product marketing division.
The Group was originally founded in 2003, listed on AIM in 2005 and has grown from a cash consumptive development company into a sustainable urology business benefiting from both near term product sales and high value, medium term licensing income. The strategy has always been to extend the use of already established licensed drugs, for example where there is pre-existing clinical data, which in turn means the risk of failure is inherently lower than most drug development companies.
Based in High Holborn, London, Plethora has made significant progress since it was first established, driven by increasing demand for its products which focus on the treatment of urological disorders. These represent a large, growing patient population whose medical needs are currently very poorly met.
The £75 million CfE Fund is a Government backed initiative launched in 2009 to help small and medium size enterprises (SMEs) in the UK gain access to the financial support required to bridge the funding gap caused by the credit crisis. In April 2009, it was announced that £60 million from the CfE Fund would be allocated to two separate £30 million funds, one of which is managed by Maven. A further £15 million is being managed as a co-investment fund by Capital for Enterprise Fund Managers.