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GSK Returns Development Rights for MED2002 |
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15 May 2007 |
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for the consumer healthcare market, announces that GlaxoSmithKline has decided to return development rights for MED2002 to Futura.
LONDON, UK | May 14, 2007 | Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for the consumer healthcare market, announces that GlaxoSmithKline has decided to return development rights for MED2002 to Futura. Current priorities within GSK meant that they were unlikely in the near future to approve a marketing agreement for MED2002, Futura’s topically applied gel for erectile dysfunction.
Futura’s agreement with GSK for the negotiation of global distribution rights for the provision of pain relief using Futura’s trans-dermal delivery technology is unaffected by the decision to return MED2002 to the Company.
During the period of exclusivity with GSK, Futura has continued to advance MED2002 considerably in key areas such as onset of action, safety profile and aesthetics.
Prior to arrangements with GSK, Futura received a significant amount of interest in an earlier formulation of MED2002 from potential development partners and distributors. The Company therefore will reopen discussions with potential licensees with the benefit of the considerable improvements to the product.
James Barder, Futura Medical’s Chief Executive, said: “Whilst we are clearly disappointed by the decision, the progress in the development of MED2002 has been significant. We are therefore confident in our ability to secure new commercial arrangements on favourable terms for the final development and marketing of MED2002.”
SOURCE: Futura Medical plc |
