Exercising second call option

Futura Medical PLC
05 February 2004


Press Release                                                    5 February 2004


                 Futura Medical exercises Second Call Option


Futura Medical plc ('Futura'), the AIM-listed pharmaceutical and medical device
group that develops innovative products for the sexual healthcare market, has
exercised the second of three call options under the subscription agreement with
Long Fleet Systems Inc signed in June 2003.

The exercise terms have been varied slightly and settlement will be in several
tranches during February 2004.

Under this second option, the sum of £800,000 (£780,000 net of costs) will be
raised by the issue of 1,125,175 new ordinary shares of 0.2 pence each at a
price of 71.10 pence per share.  This is at the agreed 10 per cent discount to
the recent average share price in accordance with the terms of the subscription
agreement.

As part of this, today the sum of £263,070 has been raised by the issue of
370,000 shares and Application has been made for the new shares being issued to
be admitted to trading on AIM.  The new shares will rank pari passu with
existing ordinary shares and dealings are expected to commence at 8.00am on 10
February 2004.

A further 755,175 shares remain to be issued under this second option in
accordance with the varied settlement terms.

Upon completion of all tranches, warrants will be issued over 250,000 ordinary
shares exercisable at any time over the next 12 months at an exercise price of
71.10 pence per ordinary share in accordance with the subscription agreement
with Long Fleet Systems Inc.


For further information:
Futura Medical plc
James Barder, Chief Executive                          Tel: [phone]
mailto:[e-mail]                  www.futuramedical.co.uk



Media enquiries:
Bankside
Peter Curtain / Alex Tweed                             Tel: [phone]
mailto:[e-mail]                             www.bankside.com




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