Futura Medical PLC
18 April 2007
For immediate release 18 April 2007
GlaxoSmithKline pays upfront fee to enter
exclusive talks on Futura's DermaSys(R) topical delivery technology
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative
products for consumer healthcare, announces that it has entered into an
exclusivity agreement with GlaxoSmithKline for the negotiation of global
distribution rights for the provision of pain relief using Futura's topical
trans-dermal delivery technology, DermaSys(R).
In July 2006, Futura and GlaxoSmithKline signed an agreement to co-develop
Futura's erectile dysfunction treatment, MED2002.
Under the terms of the exclusivity agreement, GlaxoSmithKline has agreed to pay
Futura an upfront fee of £150,000 to enter a period of exclusive discussions and
negotiations concluding no later than 31 March 2008. During the period of the
exclusivity agreement Futura will conduct a study to evaluate drug delivery from
topical formulations developed by Futura. Pending the success of the
negotiations and of Futura's study, GlaxoSmithKline will have the opportunity to
acquire global distribution rights.
James Barder, Chief Executive of Futura, said: 'We are excited at the prospect
of exploring the potential for DermaSys to improve drug delivery for this
therapeutic application and believe that the technology could offer superior
transdermal drug delivery across a range of therapeutic areas.'
Stan Lech, VP Innovation Research & Development, GlaxoSmithKline Consumer
Healthcare said: 'We are delighted to extend our growing relationship with
Futura and believe we have identified a therapeutic area that brings significant
commercial opportunities.'
For further information:
Futura Medical plc
James Barder, Chief Executive Tel: +44 (0) 1483 685 670
mail to: james.barder@futuramedical.co.uk www.futuramedical.co.uk
Media enquiries:
Buchanan Communications
Mark Court / Rebecca Dietrich Tel: +44 (0) 020 7466 5000
Notes
Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for
consumer healthcare. The Company is developing a portfolio of products and its
strategy is to license their manufacture and distribution to major
pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of
the London Stock Exchange.
www.futuramedical.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange