Placing

RNS Number : 7591C

Futura Medical PLC

11 March 2011

 



For immediate release

11 March 2011

 

Futura Medical plc

("Futura" or "the Company")

Placing to raise £3.20 million

Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce a Placing by Nomura Code Securities Limited in which gross proceeds of £3.20million are being raised through the issue of 4,737,402 new ordinary shares of 0.2 pence each in Futura ("New Ordinary Shares"), to new and existing institutional and other investors at a price of 67.50 pence per share.  The Placing represents approximately 7% of the Company's issued share capital.

The £3.07 million net proceeds of the Placing, which is underwritten by Nomura Code Securities Limited, will be used to provide additional working capital; to progress the Company's earlier stage projects, RAD100 and TPR100-Rx; and to bring new product opportunities developed in-house into the Company's development pipeline. The Placing strengthens the balance sheet and will assist the Company in its out-licensing negotiations.

The New Ordinary Shares will rank pari passu with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange and it is anticipated that trading of the New Ordinary Shares will commence on AIM at 8:00am on 16 March 2011.

Futura's total issued share capital following the admission of the New Ordinary Shares will be 72,380,713.  The total number of voting rights in the Company will be 72,380,713.

James Barder, Futura's Chief Executive, said: "We are delighted to have attracted a number of new high quality institutional shareholders alongside existing institutions at such a transformational and exciting time for the Company."

For any further information please contact:

Futura Medical plc
James Barder, Chief Executive	Tel: [phone]
mail to: [e-mail]	www.futuramedical.com
Nomura Code Securities Limited
Phil Walker / Giles Balleny	Tel:[phone]
For media enquiries please contact:
Buchanan Communications
Mark Court / Jessica Fontaine	Tel: [phone]

Notes to Editors

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.

www.futuramedical.co.uk

 

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