Placing

RNS Number : 3824C
Futura Medical PLC
12 November 2009
 




For immediate release 

12 November 2009




Futura Medical plc

("Futura" or "the Company")


Placing


Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce a Placing by Nomura Code Securities Limited in which gross proceeds of £1.46 million are being raised through the issue of 4,864,471 new ordinary shares of 0.2 pence each in Futura ("Ordinary Shares"), to new and existing institutional and other investors at a price of 30 pence per share The Placing represents approximately 7.8% of the Company's issued share capital.


The net proceeds of the fundraising will be used to provide additional working capital, to support the regulatory approval of CSD500, to progress the Company's developmental projects, as well as to evaluate some early stage research leads. Further it is expected a strengthened balance sheet will assist in the Company's out-licensing negotiations with pharmaceutical and other partners. 


The Ordinary Shares will rank pari passu with the existing ordinary shares of the Company. Application has been made to the London Stock Exchange and it is anticipated that trading of the Ordinary Shares will commence on AIM at 8:00am on 18 November 2009. 


Futura's total issued shared capital following the admission of the Ordinary Shares will be 67,483,311.  The total number of voting rights in the Company will be 67,483,311.



James Barder, Futura's Chief Executive, said: "We are pleased with the support of new and existing investors in this Placing, which will allow us to progress our exciting pipeline of products and give us the ability to capture more of their long term value.  We continue to manage our costs carefully and intend to exploit our low cost business model to progress those projects that we believe have significant upside. Having a strengthened balance sheet will undoubtedly be of assistance in our current out-licensing discussions."



For any further information please contact:


Futura Medical plc


James Barder, Chief Executive

Tel: +44 (0) 1483 685 670



mail to: james.barder@futuramedical.co.uk

www.futuramedical.co.uk 



Nomura Code Securities Limited 


Charles Walker / Giles Balleny

Tel:+44 (0)20 7776 1200



For media enquiries please contact: 




Buchanan Communications


Mark Court / Stasa Filiplic / Jennie Spivey

Tel: +44 (0) 20 7466 5000

 


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.co.uk


This information is provided by RNS
The company news service from the London Stock Exchange
 
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