Last checked at 23 Aug 2017 10:32
For immediate release | 23 August 2017 |
Futura Medical plc
CSD500: Notice of Termination of Licensing Agreement
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, announces that Church & Dwight Co Inc, with which the Company signed a licensing agreement for CSD500 in April 2013 (the "Agreement"), has given formal notice that it intends to terminate that agreement and return all commercialisation rights to the Company.
The Agreement covered manufacturing, marketing and distribution rights to CSD500 in North America and certain countries in Europe. Church & Dwight is returning the rights to Futura as a result of a change in strategic priorities within its business. The rights covered by the Agreement will return to Futura on or before 19 November 2017.
James Barder, Futura's Chief Executive, said: "Whilst this change of strategic priorities is disappointing, we have been advised by Church & Dwight that consumer research regarding the in-use performance and safety of the product conducted by them is not materially different to clinical and market research previously carried out by the Company in The Netherlands and United Kingdom. Our objective, once the rights are returned, will be to seek new commercial terms with potential partners who have previously expressed strong interest in the product.
"The commercialisation strategy for CSD500 has been on a territorial basis, in part because of the requirement to partner with locally trusted brands. The return of the rights for North American and certain European countries is not expected to have any impact on the launch of the product in other geographies, on which a further progress update will be issued in September 2017.
"In the meantime our development programmes for our pain relief and erectile dysfunction gels continue as planned."
For any further information please contact:
Futura Medical plc |
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James Barder, Chief Executive
| Tel: +44 (0)1483 685 670 |
mail to: james.barder@futuramedical.com | www.futuramedical.com |
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N+1 Singer (Nominated Adviser and Broker) |
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Aubrey Powell / Liz Yong
| Tel:+44 (0) 20 7496 3000 |
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For media enquiries please contact:
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Buchanan |
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Mark Court / Sophie Cowles / Stephanie Watson | Tel: +44 (0)20 7466 5000 |
This announcement is released by Futura Medical plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to termination of a commercial agreement described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by James Barder, Chief Executive.
Notes to Editors
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.com