21 April 2004
Futura Medical announces non-exercise of final option
Futura Medical plc ("Futura"), the AIM-quoted pharmaceutical drug and medical device group that develops innovative products for the sexual healthcare market, has announced that it will not be exercising the final option to raise £800,000 under the subscription agreement with Long Fleet Systems Inc signed in June 2003. This follows the successful placing of 2,200,000 ordinary shares in March which raised £1.75 million net of costs.
James Barder , Chief Executive of Futura, said: “Based on current financial projections the board considers the funds available under the third and final Long Fleet option to be surplus to requirements and would be an unnecessary dilution to existing shareholders. The early board decision not to exercise the final option (exercisable in July 2004) has been made in order to release Long Fleet from its financial obligations. This reaffirms the board’s current view that our clinical development and costs are in line with expectations.”