Futura Medical Regulatory News (FUM)

14 May 2007 07:02

Futura Medical PLC14 May 2007 For immediate release 14 May 2007 Futura Medical Plc ("Futura" or "the Company") GSK returns development rights for MED2002 Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovativeproducts for the consumer healthcare market, announces that GlaxoSmithKline hasdecided to return development rights for MED2002 to Futura. Current prioritieswithin GSK meant that they were unlikely in the near future to approve amarketing agreement for MED2002, Futura's topically applied gel for erectiledysfunction. Futura's agreement with GSK for the negotiation of global distribution rightsfor the provision of pain relief using Futura's trans-dermal delivery technologyis unaffected by the decision to return MED2002 to the Company. During the period of exclusivity with GSK, Futura has continued to advanceMED2002 considerably in key areas such as onset of action, safety profile andaesthetics. Prior to arrangements with GSK, Futura received a significant amount of interestin an earlier formulation of MED2002 from potential development partners anddistributors. The Company therefore will reopen discussions with potentiallicensees with the benefit of the considerable improvements to the product. James Barder, Futura Medical's Chief Executive, said: "Whilst we are clearlydisappointed by the decision, the progress in the development of MED2002 hasbeen significant. We are therefore confident in our ability to secure newcommercial arrangements on favourable terms for the final development andmarketing of MED2002." For any further information please contact: Futura Medical plc Tel: +44 (0) 1483 685 670James Barder, Chief Executive www.futuramedical.co.ukmail to: james.barder@futuramedical.co.uk Canaccord Adams Tel: +44 (0) 20 7050 6500Mark AshurstTyler Broda For any media enquiries please contact:Buchanan Communications Tel: +44 (0) 020 7466 5000Mark Court / Rebecca 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