TIDMFUM
RNS Number : 6340V
Futura Medical PLC
15 April 2021
15 April 2021
Futura Medical plc
Conversion of Convertible Loan Notes, Issue of Equity
& Total Voting Rights
Futura Medical plc (AIM: FUM) ("Futura" or the "Company"), a
pharmaceutical company developing a portfolio of innovative
products based on its proprietary, transdermal DermaSys(R) drug
delivery technology and currently focused on sexual health and
pain, announces that it has received a conversion notice from HT
Riverwood Multi-Growth Fund ("Riverwood"), a fund managed by
Atlantis Investment Management Limited ("Atlantis"), in respect of
GBP1.5 million in principal amount of the convertible loan notes
issued by the Company on 4 March 2021. This notice represents the
final conversion and following this there will be no further
amounts outstanding to Riverwood.
Pursuant to the conversion, the Company will issue, in
aggregate, 7,500,000 new ordinary shares of 0.2 pence each in the
capital of the Company (the "Conversion Shares") at a conversion
price of 20 pence per Ordinary Share.
Once issued, the Conversion Shares will rank pari passu in all
respects with the existing Ordinary Shares of the Company.
Application has been made for the 7,500,000 Conversion Shares to
be admitted to trading on AIM ("Admission") and it is expected that
Admission will occur on or about 21 April 2021.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 255,824,653 Ordinary Shares of 0.2 pence each, with
one voting right per share ("Ordinary Shares"). The Company does
not hold any ordinary shares in treasury and therefore the total
number of Ordinary Shares with voting rights in the Company is
255,824,653.
The above figure of 255,824,653 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
James Barder, Futura's Chief Executive, commented: "We note and
appreciate Atlantis Investment Management's continued support and
confidence in the Company with their early conversion to ordinary
shares of the Convertible Loan Notes."
Ms Yang Liu, Atlantis' Chairperson and Chief Investment Officer,
commented: "Futura has had a transformational few months,
delivering on a number of important milestones. We are confident
there are further opportunities to realise the significant value
creation at the Company, notably with MED3000 as a breakthrough new
product for patients with ED, and we are happy to increase our
participation in this in the form of an increased
shareholding."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
-ENDS-
For further information please contact:
Futura Medical plc
James Barder, Chief Executive
Angela Hildreth, Finance Director and COO
Email: investor.relations@futuramedical.com
Tel: +44 (0) 1483 685 670
www.futuramedical.com
Nominated Adviser and Sole Broker:
Liberum
Richard Lindley/ Euan Brown/ Kane Collings
Tel: +44 (0) 20 3100 2000
For media enquiries please contact:
Optimum Strategic Communications
Mary Clark/ Eva Haas/ Hollie Vile
Email: futuramedical@optimumcomms.com
Tel: +44 (0) 203 922 0900
About Futura Medical plc
Futura Medical plc (AIM: FUM), is a pharmaceutical company
developing a portfolio of innovative products based on its
proprietary, transdermal DermaSys(R) technology. Each DermaSys(R)
formulation is separately patented and specifically tailored for
the selected indication and application, as well as being optimised
for clinical efficacy, safety, administration and patient
convenience. The products are developed for the prescription and
consumer healthcare markets as appropriate. Current therapeutic
areas are sexual health, including erectile dysfunction, and pain
relief. Development and commercialisation strategies are designed
to maximise product differentiation and value creation whilst
minimising risk.
MED3000 is Futura's topical gel formulation that is a
breakthrough treatment for erectile dysfunction (ED) through a
unique evaporative mode of action. Futura has conducted a Phase 3
study using MED3000 in ED, referred to as "FM57". This was a 1,000
patient, dose-ranging, multi-centre, randomised, double blind,
placebo-controlled, home use, parallel group study delivering
highly statistically significant results compared to pre-treatment
baseline, consistently meeting all co-primary endpoints of IIEF,
SEP2 and SEP3 (internationally accepted clinical trial endpoints in
ED) with over 60% of patients experiencing a clinically meaningful
improvement in their ED. MED3000 also begins to work immediately in
some patients, with 60% of patients seeing onset of their erection
within 10 minutes of application.
Futura is based in Guildford, Surrey, and its shares trade on
the AIM market of the London Stock Exchange.
www.futuramedical.com
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END
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(END) Dow Jones Newswires
April 15, 2021 09:42 ET (13:42 GMT)
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