15 November 2007
Futura Medical Plc Agrees £2 million equity funding facility
Futura Medical plc (AIM: FUM), the pharmaceutical and medical device group, is pleased to announce that it has agreed a £2 million (gross) funding facility under which an initial £1 million (net) is being raised through the issue of 2,059,308 new ordinary shares of 0.2p each in the Company at a price of 48.56p per share.
Under the terms of the funding facility, the Company will have the ability to raise up to a further £1.0 million (net) through the issue of new ordinary shares at a price per share at a 10 per cent discount to the average mid-price of the Company’s shares during the five trading days prior to the agreement to issue the second tranche of shares. The 5% cost of the arrangement of the funding facility has been satisfied by the issue of 205,931 new ordinary shares of 0.2p each in the Company at a price of 48.56p per share.
The new ordinary shares will rank pari passu with the existing ordinary shares of 0.2p each in the Company. Application has been made to AIM and it is anticipated that trading of the new ordinary shares on AIM will commence on 20 November 2007. The Company's total issued share capital following the anticipated admission of the shares as set out above is 57,618,840.
The funds raised from this funding facility are for general corporate purposes, including the support of the ongoing development of products within Futura’s existing pipeline. The funds will also allow initial development of selected new opportunities generated by the Company’s R&D initiatives.
Commenting on the results James Barder, Futura’s Chief Executive, said: “I am delighted by the support from both new and existing shareholders for this funding facility, which provides additional funds to maintain the momentum of product development at Futura. We are particularly pleased by the number of opportunities being generated by our in-house R&D at a time when our most advanced product moves close to commercial launch.”
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
Erin Needra
Tel: +44 (0) 20 7050 6500
For any media enquiries please contact:
Buchanan Communications
Mark Court
markc@buchanan.uk.com
Rebecca Skye 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.