14 May 2007
GSK returns development rights for MED2002
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for the consumer healthcare market, announces that GlaxoSmithKline has decided to return development rights for MED2002 to Futura. Current priorities within GSK meant that they were unlikely in the near future to approve a marketing agreement for MED2002, Futura’s topically applied gel for erectile dysfunction.
Futura’s agreement with GSK for the negotiation of global distribution rights for the provision of pain relief using Futura’s trans-dermal delivery technology is unaffected by the decision to return MED2002 to the Company.
During the period of exclusivity with GSK, Futura has continued to advance MED2002 considerably in key areas such as onset of action, safety profile and aesthetics.
Prior to arrangements with GSK, Futura received a significant amount of interest in an earlier formulation of MED2002 from potential development partners and distributors. The Company therefore will reopen discussions with potential licensees with the benefit of the considerable improvements to the product.
James Barder, Futura Medical’s Chief Executive, said: “Whilst we are clearly disappointed by the decision, the progress in the development of MED2002 has been significant. We are therefore confident in our ability to secure new commercial arrangements on favourable terms for the final development and marketing of MED2002.”
For any further information please contact:
Futura Medical plc
James Barder, Chief Executive
+44 (0) 1483 685 670
james.barder@futuramedical.co.uk
www.futuramedical.co.uk
Canaccord Adams
Mark Ashurst
Tyler Broda
Tel: +44 (0) 20 7050 6500
For any media enquiries please contact:
Buchanan Communications Limited
Mark Court
markc@buchanan.uk.com
Rebecca Dietrich
rebeccad@buchanan.uk.com
+44 (0) 20 7466 5000
Notes
Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for consumer healthcare. The Company is developing a portfolio of products and its strategy is to license their manufacture and distribution to major pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange.