Futura Announces Joint Venture Collaboration
Futura Signs Joint Venture Collaboration To Explore Transdermal Delivery of Cannabidiol DermaSys®
10 September 2019
Futura Medical plc (AIM: FUM) (the "Company"), a pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology and currently focused on sexual health and pain, is pleased to announce a joint venture collaboration with CBDerma Technology Limited to explore the application of Futura's advanced proprietary transdermal drug delivery technology, DermaSys® for delivery of Cannabidiol. All Intellectual Property will be owned jointly by the Company and CBDerma Technology Limited.
CBDerma Technology is a company that has been established and funded to specifically exploit the therapeutic potential of Cannabis. The company's management, backers and advisors have extensive knowledge, expertise and investments in plant derived product manufacturing. Cannabidiol is a major component of the cannabis plant and is generally regarded as non-addictive and non-psychoactive, making it ideal for consideration as a topically delivered molecule for local or regional (non-systemic) use.
Initial development costs are expected to be in the region of US$ 1 million and will cover all development costs incurred by the Company during the next 15 months in order to develop and optimise a DermaSys®- cannabidiol formulation as well as establishing early ex-vivo proof of concept studies likely to include certain disease states most suited for local or regional (non-systemic) topical treatment such as pain relief. The Company does not expect this project's initial development to have any material impact on cashflow as Futura's financial share of the project will be delivered from its expertise and existing internal resources.
DermaSys® provides rapid and targeted local delivery of active pharmaceutical ingredients at therapeutic levels through the skin to the required site of action with a high level of safety. It is a versatile and bespoke technology that can be tailored to suit the specific active compound being used and the therapeutic indication. Each product is formulated to maximise its benefits for patients and consumers and can be developed for the prescription and consumer healthcare markets as appropriate.
James Barder, CEO of Futura Medical said: "Futura's core strength lies in our research and development capabilities, particularly in the application of our proprietary Dermasys® transdermal delivery system which enables targeted and controlled delivery of drugs through the skin. The benefits and applications of cannabis and cannabidiol in both the medical and consumer markets are well known and expanding rapidly. However, optimised and targeted topical delivery of the active ingredients remains a problem. We believe that our Dermasys® technology has the potential to solve these issues, advancing product development and expanding indications and use of Cannabidiol."
ENDS
For further information please contact:
Futura Medical plc
James Barder, Chief Executive
Angela Hildreth, Finance Director and COO
Email: Investor.relations@futuramedical.com
Tel: +44 (0) 1483 685 670
Nominated Adviser and Sole Broker:
Liberum
Bidhi Bhoma/ Euan Brown/ Kane Collings
Tel: +44 (0) 20 3100 2000
For media enquiries please contact:
Optimum Strategic Communications
Mary Clark/ Eva Haas/ Hollie Vile
Email: futuramedical@optimumcomms.com
Tel: +44 (0) 203 950 9144
Notes to editors:
About Futura Medical plc
Futura Medical plc (AIM: FUM), is a pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal Dermasys® drug delivery technology. These products are optimised for clinical efficacy, safety, administration and patient convenience and are developed for the prescription and consumer healthcare markets as appropriate. Current therapeutic areas are sexual health, including erectile dysfunction, and pain relief. Development and commercialisation strategies are designed to maximise product differentiation and value creation whilst minimising risk.
The first European Phase 3 study for MED2005, referred to as "FM57", is a 1,000 patient, dose-ranging, multi-centre, randomised, double blind, placebo-controlled, home use, parallel group study of MED2005 0.2%, 0.4% and 0.6% Glyceryl Trinitrate for the treatment of erectile dysfunction with an open label extension. FM57 is progressing on track, with headline data expected by the end of 2019.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange. www.futuramedical.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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