09 December 2005
Final discussions on global rights for MED2002
Futura Medical plc (AIM: FUM), the pharmaceutical drug and medical device group that develops innovative products for the sexual healthcare market, announces that it has extended the exclusivity period with the major global pharmaceutical group (MGPG) with which it is negotiating global rights for MED2002*, the Company’s non-prescription topical gel for the treatment of erectile dysfunction.
Heads of agreement are now being finalised, which are intended to be legally binding. In addition, MGPG is providing extensive technical, regulatory and clinical resources to assist Futura in finalising plans for the Phase III clinical programme for MED2002, which is planned to start in 2006.
The exclusivity period, which was initially entered into in March 2005, is being extended by 45 days from 31 December 2005 in order to finalise the heads of agreement and obtain MGPG’s executive approval.
James Barder, Chief Executive of Futura, said: ”Both parties have worked very closely together during 2005 to conclude all the necessary evaluation work on MED2002, culminating in our recent announcements of positive pharmacokinetics and pharmacodynamic studies. An enormous amount of progress has been achieved over a short period of time since the results of the studies were made available in early November, and we are happy to grant a short extension to the exclusivity period. By the end of the extended exclusivity period we expect to announce the identity of our partner and highlights of the joint development programme and commercial arrangements after negotiations and approvals have been completed.”
* MED2002 is the term used by Futura to describe all of the Company’s different gel formulations for application directly to the penis for the treatment of male erectile dysfunction. Futura may code certain formulations, for identification purposes, by altering the final digit. E.g. MED2001 or MED2004.