18th Apr 2007 07:01
Futura Medical PLC18 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 innovativeproducts for consumer healthcare, announces that it has entered into anexclusivity agreement with GlaxoSmithKline for the negotiation of globaldistribution rights for the provision of pain relief using Futura's topicaltrans-dermal delivery technology, DermaSys(R). In July 2006, Futura and GlaxoSmithKline signed an agreement to co-developFutura's erectile dysfunction treatment, MED2002. Under the terms of the exclusivity agreement, GlaxoSmithKline has agreed to payFutura an upfront fee of £150,000 to enter a period of exclusive discussions andnegotiations concluding no later than 31 March 2008. During the period of theexclusivity agreement Futura will conduct a study to evaluate drug delivery fromtopical formulations developed by Futura. Pending the success of thenegotiations and of Futura's study, GlaxoSmithKline will have the opportunity toacquire global distribution rights. James Barder, Chief Executive of Futura, said: "We are excited at the prospectof exploring the potential for DermaSys to improve drug delivery for thistherapeutic application and believe that the technology could offer superiortransdermal drug delivery across a range of therapeutic areas." Stan Lech, VP Innovation Research & Development, GlaxoSmithKline ConsumerHealthcare said: "We are delighted to extend our growing relationship withFutura and believe we have identified a therapeutic area that brings significantcommercial opportunities." For further information:Futura Medical plcJames Barder, Chief Executive Tel: +44 (0) 1483 685 670mail to: [email protected] www.futuramedical.co.uk Media enquiries:Buchanan CommunicationsMark Court / Rebecca Dietrich Tel: +44 (0) 020 7466 5000 Notes Futura Medical plc Futura Medical is a pharmaceutical group that develops innovative products forconsumer healthcare. The Company is developing a portfolio of products and itsstrategy is to license their manufacture and distribution to majorpharmaceutical and healthcare groups. Futura is based in Guildford, Surrey, and its shares trade on the AIM market ofthe London Stock Exchange. www.futuramedical.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Futura MedicalGlaxosmithkline