18 April 2007
GlaxoSmithKline pays upfront fee to enter exclusive talks on Futura’s DermaSys® topical delivery technology
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, announces that it has entered into an exclusivity agreement with GlaxoSmithKline for the negotiation of global distribution rights for the provision of pain relief using Futura’s topical trans-dermal delivery technology, DermaSys®.
In July 2006, Futura and GlaxoSmithKline signed an agreement to co-develop Futura’s erectile dysfunction treatment, MED2002.
Under the terms of the exclusivity agreement, GlaxoSmithKline has agreed to pay Futura an upfront fee of £150,000 to enter a period of exclusive discussions and negotiations concluding no later than 31 March 2008. During the period of the exclusivity agreement Futura will conduct a study to evaluate drug delivery from topical formulations developed by Futura. Pending the success of the negotiations and of Futura’s study, GlaxoSmithKline will have the opportunity to acquire global distribution rights.
James Barder, Chief Executive of Futura, said: “We are excited at the prospect of exploring the potential for DermaSys to improve drug delivery for this therapeutic application and believe that the technology could offer superior transdermal drug delivery across a range of therapeutic areas.”
Stan Lech, VP Innovation Research & Development, GlaxoSmithKline Consumer Healthcare said: “We are delighted to extend our growing relationship with Futura and believe we have identified a therapeutic area that brings significant commercial opportunities.
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
For any media enquiries please contact:
Buchanan Communications Limited
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.