Futura Medical announces AIM intention

Futura Medical, the Guildford, UK, based pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, is planning to seek admission to the Alternative Investment Market (AIM) of the London Stock Exchange. Dealings are expected to commence this month with a shares issue valuing the company at approximately £30m (Euro 50m).

Additional funding of £1.7m is subject to the agreement of shareholders being given at the Company's Annual General Meeting due to be held on July 14, 2003, and Admission taking place by no later than August 15, 2003.

Futura Medical is developing a number of innovative products in the field of sexual healthcare. A key part of the Company's strategy is identifying international sales, distribution and marketing partners for the products. The Company will initially focus on exploiting its current portfolio.

The first product, MED2001, is a rub-on vasodilator cream for the treatment of male erectile dysfunction. A Phase II study of MED2001 has been completed and early indications suggest a high level of safety and efficacy. A conditional distribution agreement has been entered into with Goldshield plc.

Futura is also developing CSD500, a condom that incorporates an erection-enhancing compound aimed at reducing the likelihood of potential slippage. A robust development programme has been undertaken to address the requirements of EU regulators. The dossier is scheduled for submission in early 2004. A conditional licence distribution agreement has been signed.

Futura believes CSD500 will encourage greater condom use by healthy men. Several other products are in various stages of development to enhance male and female sexual health and well-being.

Following Admission, Andrew Slater and Jonathan Freeman will join the Board as additional Non-executive Directors.

Andrew Slater has more than 20 years' experience in the international marketing of pharmaceutical and healthcare products, with SSL International and previously London International Group plc. As a main board director of SSL International, he has held positions as managing director, Americas and then managing director, Europe.

Jonathan Freeman, a partner of Gambit Corporate Finance, was previously a corporate finance director of the investment bank Beeson Gregory, where he specialised in listing and advising European small and medium sized companies.

Dr Bill Potter, non-executive chairman of Futura Medical, said: 'The Company is led by a strong management team with extensive experience in commercial and pharmaceutical development, supported by a Medical Advisory Board comprising recognised experts. The Company's product-portfolio and partnership approach makes it ideally placed to exploit the enormous potential within the sexual health and well-being market.'

James Barder, chief executive of Futura Medical, said: 'We have great confidence in the future of our product portfolio, which the Futura team continues to develop for global markets. We are at an exciting stage of our development, and continue to identify opportunities to complement our expanding portfolio.'