Business
MED2002 Licensing Deal
MED2002 Licensing Deal.
About this update from Futura Medical Plc
[{"type":"text","content":"\n Futura Medical PLC\n17 September 2007\n\n\n\n\nFor immediate release 17 September 2007\n\n\n Futura Medical Plc\n ('Futura' or 'the Company')\n\n Signs global development and licensing\n agreement for MED2002\n\n\nFutura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative\nproducts for the consumer healthcare market, is pleased to announce that it has\nsigned a global development, marketing and distribution agreement with SSL\nInternational plc (LSE: SSL) for worldwide rights to MED2002, the Company's\ntopically applied gel for erectile dysfunction (ED).\n\n\nUnder the terms of the agreement with SSL, an undisclosed royalty on MED2002's\nsales will be paid to Futura with milestone payments of up to £18 million,\nsubject to certain specified regulatory approvals and sales targets being\nachieved. SSL and Futura will jointly manage the completion of the clinical\ndevelopment programme of MED2002 currently expected to cost up to £3.65 million,\nwith SSL contributing 65 per cent of the costs and Futura contributing 35 per\ncent.\n\n\nOnce launched, MED2002 is expected to become the world's first non-prescription\npharmaceutical treatment for men with ED, a condition that affects, to some\ndegree, 50 per cent of men aged 45 or over2. This would be an important step\nforward as it is estimated that only 15 per cent of men with ED seek treatment3\ndue to the embarrassment of having to consult a doctor to be prescribed one of\nthe current treatments, all of which require a prescription.\n\n\nThis agreement with SSL further strengthens an existing relationship between\nFutura and SSL which already holds the distribution rights for two of Futura's\nproducts currently under development.\n\n\nA development agreement for MED2002 was initially signed with GlaxoSmithKline\nplc, which returned rights to the product to Futura as announced on 14 May 2007.\n\n\nJames Barder, Futura Medical's Chief Executive, said: 'We are delighted to have\nsigned such an important agreement with SSL and believe that the speed with\nwhich SSL has entered this agreement is a significant endorsement of the\ntechnical quality and commercial potential of MED2002.'\n\n\nFor any further information please contact:\n\n\nFutura Medical plc\nJames Barder, Chief Executive Tel: +44 (0) 1483 685 670\nmail to: [email protected] www.fut...