8 March 2004
Futura Medical Issue of Equity
Futura Medical plc ("Futura"), the AIM-quoted pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, is pleased to announce that it has raised £1.75 million, after costs, by way of a joint placing, between Williams de Broë Plc and Canaccord Capital (Europe) Limited, of 2,200,000 ordinary shares at 82 pence per share, under its Section 95 authority. The money raised from this issue will enhance Futura’s negotiation opportunities with its potential distributors as well as finance new development opportunities. The placing was undertaken in response to the considerable interest shown in Futura by a variety of institutional investors since the release of the preliminary results for the year-ended 31 December 2003 last week.
Application has been made for 2,200,000 ordinary shares to be admitted to trading on the Alternative Investment Market of the London Stock Exchange. It is expected that admission to trading and dealings in the new ordinary shares will commence at 8.00am on 10th March 2004.
James Barder , Chief Executive of Futura Medical, said: “There is always a risk that small companies like Futura may be squeezed when negotiating commercial distribution agreements if they are seen as being cash constrained. The additional funding will strengthen our negotiating position as well as finance other development opportunities that have started to come our way following Futura’s Introduction to AIM and increase in profile. We are delighted to be able to welcome a number of institutional investors as new shareholders to the Company, thereby further expanding our shareholder base.”