Last checked at 16 Dec 2009 07:00
| For immediate release | 16 December 2009 |
Futura Medical plc
("Futura" or "the Company")
Licensing Update on TPR100 and PET500
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce an update on progress with the out-licensing of TPR100, a novel, topically applied product for pain relief, and with PET500 for enhanced sexual control.
In July 2009, Futura announced an evaluation agreement with a major pharmaceutical company, which paid an upfront fee to gain exclusive rights to carry out in vitro studies on TPR100. These studies have now been completed and the major pharmaceutical company has agreed to pay a further upfront fee of £50,000 whilst the commercial terms of a licensing agreement are being negotiated.
These commercial negotiations are expected to be completed by the end of the first half of 2010, by which time the negotiations may, or may not, result in a commercialisation agreement for rights to TPR100 in certain territories.
Clinical tests carried out by Futura have shown that TPR100 achieves between 30 to 40 times higher bioavailability than those achieved by the current market-leading product. TPR100's speed of permeation brings potential benefits including rapid onset of action of pain relief. TPR100's active ingredient is a well characterised non-steroidal anti-inflammatory drug (NSAID) delivered through the skin by Futura's DermaSys® technology.
PET500, our product for enhanced sexual control, has now been modified to comply with the FDA's monograph and, as highlighted in September in the Company's half year results, the product could be marketed in the USA on an over-the-counter basis without any further clinical data being required. This further reinforces the commercial attractiveness of PET500. Discussions with a number of potential partners are currently underway and it is expected that a further update for shareholders will be made in due course.
PET500, which uses Futura's DermaSys® technology, has been designed to delay ejaculation for a period of approximately eight minutes, in response to market research conducted by Futura.
James Barder, Futura's Chief Executive, said: "We look forward to updating our shareholders further in 2010, which promises to be a highly significant year for Futura."
For any further information please contact:
| Futura Medical plc | |
| James Barder, Chief Executive | Tel: +44 (0) 1483 685 670 |
| mail to: james.barder@futuramedical.com | www.futuramedical.com |
| Nomura Code Securities Limited | |
| Phil Walker / Giles Balleny | Tel:+44 (0)20 7776 1200 |
| For media enquiries please contact: | |
| Buchanan Communications | |
| Mark Court / Stasa Filiplic / Jennie Spivey | 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