Futura Medical plc (“Futura Medical”, “Futura” or “the Company”), the pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, is today admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange.
The Company has recently raised the sum of £1.7 million conditional on its admission to AIM by way of a private cash subscription for 2,428,571 new ordinary shares at a price of 70 pence per share, giving an implied market capitalisation of approximately £30 million.
Dr Bill Potter, Non-executive Chairman of Futura Medical, said: “The Company is led by a strong management team with extensive experience in commercial and pharmaceutical development, supported by a Medical Advisory Board comprising recognised experts. The Company’s product portfolio and partnership approach makes it ideally placed to exploit the enormous potential within the sexual health and well-being market.”
James Barder, Chief Executive of Futura Medical, said: “We are delighted that our most recent fund raising and admission to AIM have been so successful. Futura’s principal products are at an exciting stage of development and the Company continues to identify opportunities to complement its expanding product portfolio.”
Based at the Surrey Research Park in Guildford, Futura Medical is developing a number of innovative products in the field of sexual healthcare. A key part of the Company’s strategy is identifying international sales, distribution and marketing partners for the products. The Company will initially focus on exploiting its current portfolio.
The first product, MED2001, is a rub-on vasodilator cream for the treatment of male erectile dysfunction. It may also satisfy a currently unmet clinical need among angina sufferers, since currently available erectile dysfunction treatments taken orally cannot be used with nitrate-based angina drugs. A Phase II study of MED2001 has been completed and early indications suggest a high level of safety. A conditional distribution agreement has been entered into with Goldshield plc.
Futura is also developing CSD500, a condom that incorporates an erection-enhancing compound aimed at reducing the likelihood of potential slippage. A robust development programme has been undertaken to address the requirements of EU regulators. The regulatory dossier is scheduled for submission in early 2004. A conditional exclusive worldwide distribution agreement has been signed. Futura believes CSD500 will encourage greater condom use by healthy men.
The Company has two other products at earlier stages of development to enhance male and female sexual health and well being.
Williams de Broë Plc are both Nominated Adviser and Broker to the Company. The solicitors to the Company are Memery Crystal; the accountants are BDO Stoy Hayward.
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For further information:
Futura Medical plc
James Barder, Chief Executive Tel: +44 (0) 1483 845 670
Williams de Broë Plc
Clive Carver, Corporate Finance Tel: +44 (0) 20 7588 7511
Peter Curtain / Russell Elliott Tel: +44 (0) 20 7444 4140
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Notes to editors:
Futura Medical is a pharmaceutical and medical device group developing innovative products for sexual health. The group has a portfolio of products in various stages of development.
The products are expected to be a combination of prescription-only and over-the-counter (OTC). However, Futura’s primary focus is on OTC products, with particular appeal to men and women who are reluctant to discuss potentially embarrassing sexual matters with their doctors.
In June 2003, the Company’s first product, MED2001, a rub-on cream for erectile dysfunction (ED), completed its Phase II study, which demonstrated a good safety profile. MED2001 is likely to commence further clinical programmes later in 2003, prior to a regulatory submission for licensing in 2004.
Futura intends shortly to begin a trial to assess the safety of MED2001 in angina patients. Normal medications taken by angina patients prevent the use of most current ED treatments.
Futura is developing a portfolio of products with the intention of licensing their manufacture and distribution to major pharmaceutical groups. Several agreements have already been signed.
The British Journal of Urology estimates that sexual dysfunction will affect more than 300 million people worldwide by 2025.
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