Futura Medical Regulatory News (FUM)

15 Nov 2007 07:01

Futura Medical PLC15 November 2007 For immediate release 15 November 2007 Futura Medical Plc Agrees £2 million equity funding facility Futura Medical plc (AIM: FUM), the pharmaceutical and medical device group, ispleased to announce that it has agreed a £2 million (gross) funding facilityunder which an initial £1 million (net) is being raised through the issue of2,059,308 new ordinary shares of 0.2p each in the Company at a price of 48.56pper share. Under the terms of the funding facility, the Company will have the ability toraise up to a further £1.0 million (net) through the issue of new ordinaryshares at a price per share at a 10 per cent discount to the average mid-priceof the Company's shares during the five trading days prior to the agreement toissue the second tranche of shares. The 5% cost of the arrangement of thefunding facility has been satisfied by the issue of 205,931 new ordinary sharesof 0.2p each in the Company at a price of 48.56p per share. The new ordinary shares will rank pari passu with the existing ordinary sharesof 0.2p each in the Company. Application has been made to AIM and it isanticipated that trading of the new ordinary shares on AIM will commence on 20November 2007. The Company's total issued share capital following theanticipated admission of the shares as set out above is 57,618,840. The funds raised from this funding facility are for general corporate purposes,including the support of the ongoing development of products within Futura'sexisting pipeline. The funds will also allow initial development of selected newopportunities generated by the Company's R&D initiatives. Commenting on the results James Barder, Futura's Chief Executive, said: "I amdelighted by the support from both new and existing shareholders for thisfunding facility, which provides additional funds to maintain the momentum ofproduct development at Futura. We are particularly pleased by the number ofopportunities being generated by our in-house R&D at a time when our mostadvanced product moves close to commercial launch." For further information: Futura Medical plc Tel: +44 (0) 1483 685 670 James Barder, Chief Executive email to: james.barder@futuramedical.co.uk www.futuramedical.co.uk Canaccord Adams Tel: +44 (0) 20 7050 6500 Mark Ashurst Media enquiries: Buchanan Communications Tel: +44 (0) 20 7466 5000 Mark Court / Rebecca Skye Dietrich 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 Exchange