14 September 2012 Placing to raise £2.08 million Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce a Placing by Nomura Code Securities Limited in which gross proceeds of £2.08 million are being raised through the issue of 3,654,969 new ordinary shares of 0.2 pence each in Futura ("New Ordinary Shares") to existing institutional investors at a price of 57 pence per share. The Placing represents approximately 5% of the Company's issued share capital. The £2.0 million net proceeds of the Placing, which is underwritten by Nomura Code Securities Limited, will be used to provide additional working capital. The Placing strengthens the balance sheet and will assist the Company in its out-licensing negotiations as well as the ongoing development of its product pipeline. The New Ordinary Shares will rank pari passu with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange and it is anticipated that trading of the New Ordinary Shares will commence on AIM at 8:00am on 19 September 2012. Futura's total issued share capital following the admission of the New Ordinary Shares will be 77,369,081. The total number of voting rights in the Company will be 77,369,081. James Barder, Futura's Chief Executive, said: "We're delighted to have completed this oversubscribed fundraising and by the support that we have received from our existing institutional shareholders."
Cash and cash equivalents at 30 June 2012 was £1.86 million (31 December 2011: £2.58 million) with a net cash outflow of £723k in the period. We continue to manage our financial resources carefully.
In the period under review, we earned milestone payments totalling £75k (year ended 31 December 2011: £158k). The retained loss for the six months ended 30 June 2012 was £959k. Research and development ("R&D") costs of £683k were higher than that for the corresponding six month period ended 30 June 2011: £515k (year ended 31 December 2011: £1,481k) as we are investigating new products to add to the development pipeline. Other administrative costs of £481k were higher than that for the corresponding six month period ended 30 June 2011: £319k (year ended 31 December 2011: £776k) and includes the full year charge for 2012 of the revision to the policy on Non-Executive Directors' remuneration.
We continue to make good progress across our portfolio but our primary focus in the short term is on the commercialisation of CSD500 now that we have regained control of the product. We have a clear commercialisation strategy for CSD500 and remain confident of licensing the product to one or more commercial partners.
James Barder, Futura's Chief Executive, said: "We continue to make good progress across our portfolio but our primary focus in the short term is on the commercialisation of CSD500 now that we have regained control of the product. We have a clear commercialisation strategy for CSD500 and remain confident of licensing the product to one or more commercial partners."
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