21 June 2016
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, will hold its Annual General Meeting in London later today.
The Company's AGM statement, from Futura Chairman John Clarke, is as follows:
"We are very pleased with recent progress in the commercialisation of our product pipeline.
"On CSD500, our novel erectogenic condom, we continue to prepare for commercial launch of our CE marked product by our distribution partners. Monthly data reports from our extended shelf life product are giving us confidence in the product's ability to meet the requirements of our partners.
"We recently announced a new manufacturing agreement with TTK in India, to complement our European manufacturer and to guarantee supply of CSD500 to distribution partners. TTK intends to launch CSD500 in India under its SKORE brand, the fastest growing condom brand in India. Yesterday we announced an agreement with Milsing, the leading private company in the over-the-counter drug and food supplement market in Southeast Europe, for the distribution of CSD500 in seven countries in Southeast Europe and we continue in discussions with other potential distributors to out-license the product in further territories.
"We are in active discussions with regulatory authorities for both Indian and European manufacturing sites, and believe that regulatory approvals for CSD500 will be based on a shelf life of at least 18 months thereby enabling launch in key commercial markets. Production is underway for an anticipated launch in the second half of this year in certain MENA territories.
"Following the positive clinical data announced last year on our two topical NSAID pain relief gels, we have received significant interest from a number of companies to in-license these products. In conjunction with our appointed advisers, we are currently in active discussions with a number of potential licensing partners. We look forward to providing shareholders with the outcome of these discussions in due course.
"On MED2002, Futura's topical gel for the treatment of erectile dysfunction, 137 patients have so far completed this pivotal clinical study and we expect the remaining 55 patients to complete by the end of July. If the current rate of completions is maintained, we would expect to announce the headline results of the study during September 2016.
"With potential newsflow from all of our pipeline projects during the remainder of the financial year, we believe that there is clear potential for value generation this year and beyond."
For further information please contact:
Aubrey Powell / Liz Yong / Thomas Smale
Tel: +44 (0) 20 7496 3000
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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.