28 November 2003
Futura Medical plc announces successful fundraising
Futura Medical plc ("Futura"), the AIM-listed pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, has exercised the first of three call options under the subscription agreement with Long Fleet Systems Inc signed in June 2003.
The sum of £800,000 (£780,000 net of costs) has been raised by the issue of 1,232,855 new ordinary shares of 0.2 pence each at a price of 64.89 pence per share. This is at the agreed 10 per cent discount to the recent average share price in accordance with the terms of the subscription agreement. Application has been made for the new shares being issued to be admitted to trading on AIM. The new shares will rank pari passu with existing ordinary shares and dealings are expected to commence at 8.00am on 1 December 2003.
Warrants are to be issued over 250,000 ordinary shares exercisable at any time over the next 12 months at an exercise price of 64.89 pence per ordinary share in accordance with the subscription agreement with Long Fleet Systems Inc.
James Barder, Chief Executive of Futura Medical, said: "We are pleased to have completed this additional round of funding, which sets us on an even firmer footing in building a successful pharmaceutical and medical device group to serve the growing sexual healthcare market."