Futura Medical PLC CSD500: Termination of Licensing Agreement (7773O)
August 23 2017 - 4:32AM
UK Regulatory
TIDMFUM
RNS Number : 7773O
Futura Medical PLC
23 August 2017
For immediate release 23 August 2017
Futura Medical plc
CSD500: Notice of Termination of Licensing Agreement
Futura Medical plc (AIM: FUM), the innovative healthcare company
focused on advanced transdermal technology, announces that Church
& Dwight Co Inc, with which the Company signed a licensing
agreement for CSD500 in April 2013 (the "Agreement"), has given
formal notice that it intends to terminate that agreement and
return all commercialisation rights to the Company.
The Agreement covered manufacturing, marketing and distribution
rights to CSD500 in North America and certain countries in Europe.
Church & Dwight is returning the rights to Futura as a result
of a change in strategic priorities within its business. The rights
covered by the Agreement will return to Futura on or before 19
November 2017.
James Barder, Futura's Chief Executive, said: "Whilst this
change of strategic priorities is disappointing, we have been
advised by Church & Dwight that consumer research regarding the
in-use performance and safety of the product conducted by them is
not materially different to clinical and market research previously
carried out by the Company in The Netherlands and United Kingdom.
Our objective, once the rights are returned, will be to seek new
commercial terms with potential partners who have previously
expressed strong interest in the product.
"The commercialisation strategy for CSD500 has been on a
territorial basis, in part because of the requirement to partner
with locally trusted brands. The return of the rights for North
American and certain European countries is not expected to have any
impact on the launch of the product in other geographies, on which
a further progress update will be issued in September 2017.
"In the meantime our development programmes for our pain relief
and erectile dysfunction gels continue as planned."
For any further information please contact:
Futura Medical plc
James Barder, Chief Executive Tel: +44 (0)1483 685
670
mail to: james.barder@futuramedical.com www.futuramedical.com
N+1 Singer (Nominated Adviser
and Broker)
Aubrey Powell / Liz Yong Tel:+44 (0) 20 7496 3000
For media enquiries please
contact:
Buchanan
Mark Court / Sophie Cowles Tel: +44 (0)20 7466 5000
/ Stephanie Watson
This announcement is released by Futura Medical plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information
relating to termination of a commercial agreement described herein,
and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by James Barder, Chief Executive.
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.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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