Last checked at 28 Aug 2012 07:00
For immediate release | 28 August 2012 |
Futura Medical plc
("Futura" or "the Company")
Futura Regains Ownership of CSD500
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, announces that Futura and Reckitt Benckiser have been unable to reach a common ground acceptable to both parties in respect of their continued development and commercialisation of the CSD500 condom leading to a mutual agreement to terminate their commercial relationship.
Futura intends to partner CSD500 with one or more of the world's other leading condom or healthcare companies. Futura has received considerable interest from such companies and formal discussions will now commence.
In order to get CSD500 to market as quickly as possible Futura will take control of the manufacturing of the product and apply directly for a CE Mark. Manufacturing will be outsourced to a third party manufacturer for onward supply of finished condoms to commercial partners. To this end, development work with an independent contract condom manufacturer has already commenced. The manufacturer already has the necessary ISO 13485 certification for the manufacture of condoms with ancillary medicinal substances.
Futura has ownership rights over all previous clinical data generated for the original approved dossier and therefore does not anticipate the need for any new clinical data. Futura expects to submit a new CE Mark dossier in the first half of 2013 to the regulatory authorities that approved CSD500 last year.
Futura has also regained worldwide ownership of MED2002, the Company's topical gel for the treatment of erectile dysfunction, which was also licensed to Reckitt Benckiser.
James Barder, Futura's Chief Executive, commented: "Futura has received considerable interest in CSD500 from potential marketing partners. We are therefore confident of relicensing the product on attractive commercial terms and of creating significant value for shareholders."
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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Nomura Code Securities Limited |
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Phil Walker / Giles Balleny | Tel:+44 (0)20 7776 1200 |
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For media enquiries please contact: |
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Buchanan |
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Mark Court / Fiona Henson / Sophie Cowles | Tel: +44 (0)20 7466 5000 |
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