Re: Global Rights
Futura Medical PLC
09 December 2005
For immediate release 9 December 2005
Futura Medical plc
in final discussions on global rights for MED2002
Futura Medical plc (AIM: FUM), the pharmaceutical drug and medical device group
that develops innovative products for the sexual healthcare market, announces
that it has extended the exclusivity period with the major global pharmaceutical
group (MGPG) with which it is negotiating global rights for MED2002*, the
Company's non-prescription topical gel for the treatment of erectile
dysfunction.
Heads of agreement are now being finalised, which are intended to be legally
binding. In addition, MGPG is providing extensive technical, regulatory and
clinical resources to assist Futura in finalising plans for the Phase III
clinical programme for MED2002, which is planned to start in 2006.
The exclusivity period, which was initially entered into in March 2005, is being
extended by 45 days from 31 December 2005 in order to finalise the heads of
agreement and obtain MGPG's executive approval.
James Barder, Chief Executive of Futura, said: 'Both parties have worked very
closely together during 2005 to conclude all the necessary evaluation work on
MED2002, culminating in our recent announcements of positive pharmacokinetics
and pharmacodynamic studies. An enormous amount of progress has been achieved
over a short period of time since the results of the studies were made available
in early November, and we are happy to grant a short extension to the
exclusivity period. By the end of the extended exclusivity period we expect to
announce the identity of our partner and highlights of the joint development
programme and commercial arrangements after negotiations and approvals have been
completed.'
*MED2002 is the term used by Futura to describe all of the Company's different
gel formulations for application directly to the penis for the treatment of male
erectile dysfunction. Futura may code certain formulations, for identification
purposes, by altering the final digit. E.g. MED2001 or MED2004.
For further information:
Futura Medical plc
James Barder, Chief Executive Tel: +44 (0) 1483 845 670
mail to: james.barder@futuramedical.co.uk www.futuramedical.co.uk
Media enquiries:
Buchanan Communications
Mark Court / Tim Anderson / Rebecca Dietrich Tel: +44 (0) 20 7466 5000
Notes to Editors:
Futura Medical plc
Futura Medical is an AIM-listed pharmaceutical drug and medical device group
developing innovative products for sexual health. The Company is developing a
portfolio of products with the intention of licensing their manufacture and
distribution to major pharmaceutical and healthcare groups. Exclusive
worldwide distribution agreements have already been signed in respect of
Futura's two condom safety products, CSD500 and FLD500, with SSL International
plc, the makers of Durex(TM) condoms.
Futura recently announced the results of pharmacokinetic and pharmacodynamic
studies which showed an excellent safety profile and statistically significant
efficacy on the reformulated gel for erectile dysfunction, MED2003.
Futura's primary focus is on Over the Counter (OTC) products with particular
appeal to men and women who are reluctant to discuss potentially embarrassing
sexual matters with their doctors.
In March 2005 Futura announced it had entered into exclusive discussions until
31st December 2005 with a major global pharmaceutical group on a proposed
agreement for the worldwide development and marketing of MED2002 (MED2003,
MED2004 & MED2005 are revised formulations of MED2002).
This was to allow time for discussions, joint co-operation and certain
development work on MED2002 to be completed with a view to entering into a
potential global distribution agreement.
Phase III trials are scheduled to commence in 2006.
For further information please visit: www.futuramedical.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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