| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Futura Medical signs licensing deal for sale of erectile dysfunction treatment in China, South East Asia
StockMarketWire.com
|
Pharmaceutical company Futura Medical said it had entered into a licensing agreement with Pride Century Ventures to allow the latter to exclusively develop and commercialise the company's gel-based erectile dysfunction treatment MED3000, in China and South East Asia.
Under the collaboration, profits from sales of the drug in the region would be split 50-50.
Pride Century Ventures, a special purpose vehicle owned by Co-High Investment Management Limited, will provide funding currently estimated to be up to £4 million for development and regulatory approval of MED3000 in the region.
The company also raised up to £2 million from HT Riverwood Multi-Growth Fund from a debt and warrants offering.
The company has received £1.5 million (of the £2 million) through the issuance of convertible loan notes to Riverwood. Futura would also issue warrants to Riverwood allowing purchase of a total of 2,272,727, with 4-year expiration from the date of issue and an exercise price of £0.22 per warrant,. The warrants would provide funding of £0.5 million.
Futura continues to expect an approval for MED3000 in the EU this year. In the US, the company has had a constructive 4th meeting with the FDA to finalise the clinical trial protocol for the required small confirmatory study and is awaiting final meeting minutes.
At 9:05am: (LON:FUM) Futura Medical PLC share price was 0p at 14.75p
Story provided by StockMarketWire.com
|
|
|
|
|
|
