Last checked at 12 Nov 2009 07:00
| For immediate release | 12 November 2009 |
Futura Medical plc
("Futura" or "the Company")
Placing
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 £1.46 million are being raised through the issue of 4,864,471 new ordinary shares of 0.2 pence each in Futura ("Ordinary Shares"), to new and existing institutional and other investors at a price of 30 pence per share. The Placing represents approximately 7.8% of the Company's issued share capital.
The net proceeds of the fundraising will be used to provide additional working capital, to support the regulatory approval of CSD500, to progress the Company's developmental projects, as well as to evaluate some early stage research leads. Further it is expected a strengthened balance sheet will assist in the Company's out-licensing negotiations with pharmaceutical and other partners.
The 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 Ordinary Shares will commence on AIM at 8:00am on 18 November 2009.
Futura's total issued shared capital following the admission of the Ordinary Shares will be 67,483,311. The total number of voting rights in the Company will be 67,483,311.
James Barder, Futura's Chief Executive, said: "We are pleased with the support of new and existing investors in this Placing, which will allow us to progress our exciting pipeline of products and give us the ability to capture more of their long term value. We continue to manage our costs carefully and intend to exploit our low cost business model to progress those projects that we believe have significant upside. Having a strengthened balance sheet will undoubtedly be of assistance in our current out-licensing discussions."
For any further information please contact:
| Futura Medical plc | |
| James Barder, Chief Executive | Tel: +44 (0) 1483 685 670 |
| mail to: james.barder@futuramedical.co.uk | www.futuramedical.co.uk |
| Nomura Code Securities Limited | |
| Charles 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.co.uk