19 January 2004
Futura Medical plc enters agreement with CST Medical Limited
On 13th January 2004 Futura Medical plc ("Futura" or "the Company"), the AIM-listed pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, entered into an agreement with CST Medical Limited ("CST"), a private company that specialises in developing products to address female sexual dysfunction. The agreement is in settlement of an intellectual property dispute. The agreement enables Futura to participate in the future success of CST.
Under the agreement CST will transfer certain intellectual property to Futura. Futura will also receive 10 per cent of the issued share capital of CST as at the date of the agreement (prior to any subsequent dilution due to fund raising by CST) and a royalty in respect of sales of the Vielle stimulator up to 31 December 2008.
James Barder, Chief Executive of Futura Medical plc, said: "Futura specialises in developing products for sexual health and well-being and we believe that as a product for the treatment of female sexual dysfunction, the Vielle stimulator addresses a previously unmet need affecting an estimated two in five of the female population at some time in their lives."