Futura Medical PLC
21 April 2004
Press Release 21 April 2004
Futura Medical Plc
Futura Medical plc ('Futura'), the AIM-quoted pharmaceutical drug and medical
device group that develops innovative products for the sexual healthcare market,
has announced that it will not be exercising the final option to raise £800,000
under the subscription agreement with Long Fleet Systems Inc signed in June
2003. This follows the successful placing of 2,200,000 ordinary shares in March
which raised £1.75 million net of costs.
James Barder, Chief Executive of Futura, said: 'Based on current financial
projections the Board considers the funds available under the third and final
Long Fleet option to be surplus to requirements and would be an unnecessary
dilution to existing shareholders. The early Board decision not to exercise the
final option (exercisable in July 2004) has been made in order to release Long
Fleet from its financial obligations. This reaffirms the Board's current view
that our clinical development and costs are in line with expectations.'
For further information:
Futura Medical plc
James Barder, Chief Executive Tel: +44 (0) 1483 845 670
mail to: [email protected] www.futuramedical.co.uk
Media enquiries:
Bankside
Peter Curtain / Alex Tweed Tel: +44 (0) 20 7444 4140
mailto:[email protected] www.bankside.com
This information is provided by RNS
The company news service from the London Stock Exchange