17th Sep 2007 09:08
Futura Medical PLC17 September 2007 For immediate release 17 September 2007 Futura Medical Plc ("Futura" or "the Company") Signs global development and licensing agreement for MED2002 Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovativeproducts for the consumer healthcare market, is pleased to announce that it hassigned a global development, marketing and distribution agreement with SSLInternational plc (LSE: SSL) for worldwide rights to MED2002, the Company'stopically applied gel for erectile dysfunction (ED). Under the terms of the agreement with SSL, an undisclosed royalty on MED2002'ssales will be paid to Futura with milestone payments of up to £18 million,subject to certain specified regulatory approvals and sales targets beingachieved. SSL and Futura will jointly manage the completion of the clinicaldevelopment programme of MED2002 currently expected to cost up to £3.65 million,with SSL contributing 65 per cent of the costs and Futura contributing 35 percent. Once launched, MED2002 is expected to become the world's first non-prescriptionpharmaceutical treatment for men with ED, a condition that affects, to somedegree, 50 per cent of men aged 45 or over2. This would be an important stepforward as it is estimated that only 15 per cent of men with ED seek treatment3due to the embarrassment of having to consult a doctor to be prescribed one ofthe current treatments, all of which require a prescription. This agreement with SSL further strengthens an existing relationship betweenFutura and SSL which already holds the distribution rights for two of Futura'sproducts currently under development. A development agreement for MED2002 was initially signed with GlaxoSmithKlineplc, which returned rights to the product to Futura as announced on 14 May 2007. James Barder, Futura Medical's Chief Executive, said: "We are delighted to havesigned such an important agreement with SSL and believe that the speed withwhich SSL has entered this agreement is a significant endorsement of thetechnical quality and commercial potential of MED2002." For any further information please contact: Futura Medical plcJames Barder, Chief Executive Tel: +44 (0) 1483 685 670mail to: [email protected] www.futuramedical.co.uk Canaccord Adams Mark Ashurst Tyler Broda Tel: +44 (0) 20 7050 6500 For any media enquiries please contact: 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 1. MED2002 is the term used by Futura to describe all the different gelformulations applied directly to the penis for the treatment of male erectiledysfunction. Futura may code certain formulations, for identification purposes,by altering the final digit. For example MED2001 or MED2004. 2. Massachusetts Male Ageing Study (MMAS), J Urol 1994 Jan; ISI (1) : pages54-61 3. Prog Urol February 2003, vol 13 part 1, pages 85-91 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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