Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce its final results for the year ended 31 December 2007.
Operational Highlights
• Substantial progress across the Company as it moves closer to regulatory approval of its first condom product, CSD500
• CSD500 - Statistically significant clinical trial results reinforcing the product’s commercial potential
• MED2002 - Global development, marketing and licensing agreement signed with SSL International plc for the Company’s topically applied gel for erectile dysfunction
• TPR100 - Exclusivity agreement signed with GlaxoSmithKline Consumer Healthcare for the evaluation of Futura’s topical formulations for pain relief and the negotiation of global distribution rights
• PET500 – Exciting new application of our DermaSys® technology for the treatment of premature ejaculation. Phase I study to commence shortly
Financial Highlights
• South East England Development Agency (“SEEDA”) grant awarded of up to £200,000
• Funding raised of £1.00 million with further £1.00 million equity funding facility arranged
• Net loss of £2.25 million (2006: net loss of £1.78 million)
• Cash of £2.64 million at 31 December 2007 (2006: £3.78 million including medium term deposits)
James Barder, Futura’s Chief Executive, said: “We expect 2008 to be another exciting year for Futura with the initial focus being on gaining regulatory approval for the Durex® branded condom CSD500 and the subsequent launch programme by SSL. In addition, we anticipate making significant progress across our product portfolio including completing the pivotal study for MED2002, the extended TPR100 optimisation programme, and the first trials on PET500.”
For any further information please contact:
Futura Medical plc
James Barder, Chief Executive
Tel: +44 (0) 1483 685 670
mail to: james.barder@futuramedical.co.uk
www.futuramedical.co.uk
Canaccord Adams
Ryan Gaffney / Adria Da Breo
Tel: +44 (0) 20 7050 6500
For any media enquiries please contact:
Buchanan Communications
Mark Court / Rebecca Skye Dietrich Tel: +44 (0) 20 7466 5000