Last checked at 14 Sep 2012 07:00
For immediate release | 14 September 2012 |
Futura Medical plc
("Futura" or "the Company")
Placing to raise £2.08 million
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce a Placing by Nomura Code Securities Limited in which gross proceeds of £2.08 million are being raised through the issue of 3,654,969 new ordinary shares of 0.2 pence each in Futura ("New Ordinary Shares") to existing institutional investors at a price of 57 pence per share. The Placing represents approximately 5% of the Company's issued share capital.
The £2.0 million net proceeds of the Placing, which is underwritten by Nomura Code Securities Limited, will be used to provide additional working capital. The Placing strengthens the balance sheet and will assist the Company in its out-licensing negotiations as well as the ongoing development of its product pipeline.
The New Ordinary Shares will rank pari passu with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange and it is anticipated that trading of the New Ordinary Shares will commence on AIM at 8:00am on 19 September 2012.
Futura's total issued share capital following the admission of the New Ordinary Shares will be 77,369,081. The total number of voting rights in the Company will be 77,369,081.
James Barder, Futura's Chief Executive, said: "We're delighted to have completed this oversubscribed fundraising and by the support that we have received from our existing institutional shareholders."
For any further information please contact:
Futura Medical plc | + 44 (0) 1483 685 670 |
James Barder, Chief Executive Officer Mail to: James.Barder@futuramedical.com | www.futuramedical.com |
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Nomura Code Securities Limited | + 44 (0) 20 7776 1200 |
Phil Walker / Giles Balleny | |
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Buchanan | + 44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles |
Notes to editors:
About 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