14th Oct 2015 08:12
LONDON (Alliance News) - Futura Medical PLC and Quantum Pharma PLC on Wednesday said they have signed a deal under which MED2002, Futura's treatment for erectile dysfunction, will soon be available as an unlicensed medicine.
Under the terms of the agreement, Futura has out-licensed exclusive rights to Quantum for the manufacture and supply of MED2002 as an unlicensed medicine in the UK. In return, Futura will receive undisclosed royalty payments from Quantum on the sales of the product.
"We are very pleased to have signed an agreement with Quantum Pharma to make MED2002 available on prescription on a named patient basis as a Special. We are particularly pleased to be able to meet an unmet medical need in that a significant number of erectile dysfunction sufferers are unable to use the widely prescribed PDE5 inhibitors owing to contraindications with other medicines," Futura Chief Executive James Barder said in a statement.
Quantum Pharma Chief Executive Andrew Scaife said: "We are very pleased to be working with Futura to make MED2002 available on prescription as a special whilst Futura seeks to gain its marketing authorisation. MED2002 is a new and exciting product designed by Futura to meet an unmet medical need in the significant erectile dysfunction market."
Shares in Futura Medical were up 8.7% at 26.35 pence on Wednesday morning. Quantum Pharma shares were down 0.9% at 124.33p.
By Samuel Agini; [email protected]; @samuelagini
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