Business
Sale of royalty rights
Sale of royalty rights.
About this update from Futura Medical Plc
[{"type":"text","content":"\n Futura Medical PLC\n01 July 2004\n\n\n\n\n\n 1st July 2004\n\n Futura Medical plc\n\n Sale of royalty rights\n\nOn 19th January 2004 Futura Medical plc ('Futura' or 'the Company'), the\nAIM-listed pharmaceutical and medical device group that develops innovative\nproducts for the sexual healthcare market, announced the settlement of an\nintellectual property dispute with CST Medical Limited ('CST').\n\nUnder the settlement agreement with CST ('agreement'), certain intellectual\nproperty was transferred to Futura together with 10 per cent of the issued share\ncapital of CST which has since been diluted by subsequent fundraising by CST.\nIn addition Futura agreed to receive a royalty in respect of sales of the Vielle\nstimulator up to 31 December 2008.\n\nOn 25th June 2004 CST agreed to sell its existing Vielle operation, in respect\nof United Kingdom and Republic of Ireland, to DDD Limited, the pharmaceutical,\ntoiletries and household brands company.\n\nFutura now announces that, on 1st July, it agreed the sale of its royalty rights\nwith CST in respect of the UK and the Republic of Ireland for a one-off cash\npayment of £125,000 and certain costs. Futura retains its stake in CST along\nwith the royalty rights on sales of the Vielle stimulator in territories outside\nthe United Kingdom and Republic of Ireland.\n\nFor further information:\nFutura Medical plc\nJames Barder, Chief Executive Tel: +44 (0) 1483 685 670\nmailto:[email protected] www.futuramedical.co.uk\n\n\n\nMedia enquiries:\nBankside\nPeter Curtain / Alex Tweed Tel: +44 (0) 20 7444 4140\nmailto:[email protected] www.bankside.com\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]