By Ronda Fears
Memphis, July 5 - Futura Medical plc plans to raise up to £2.5 million, after costs, via the follow-on sale of 3.4 million ordinary shares at 78p each. With proceeds from the intended exercise of stock options from directors and staff amounting to £831,250, the company said its total net proceeds will be around £3.35 million.
Canaccord Adams Ltd. and Collins Stewart Ltd. are managing the offerings, which were announced Tuesday.
Proceeds are earmarked for the clinical development program of MED2002, which was the subject of a deal signed with GlaxoSmithKline plc as a partner to market the drug over the counter. MED2002 is a topical, non-prescription treatment for men with erectile dysfunction.
The placing is conditional, in respect of 966,000 shares, on shareholder authority, which is the subject of a vote at the company's annual meeting Thursday. If not approved, the company will use its existing shareholder allotment authorities to allot up to 2,434,000 of the placing shares.
Futura also said certain directors intend to exercise options for 2,125,000 ordinary shares at 0.2p each and subsequently to sell 1,313,759 ordinary shares at 78p each. Also, certain staff intends to exercise and sell options for 110,000 ordinary shares in total, also at 78p each. The total number of shares being sold on behalf of option holders will amount to 1,423,759 ordinary shares.
| Issuer: | Futura Medical plc
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| Issue: | Follow-on stock offering
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| Gross proceeds: | £2.652 million
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| Net proceeds: | £2.5 million
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| Shares: | 3.4 million
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| Price: | 78p each
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| Lead managers: | Canaccord Adams Ltd. and Collins Stewart Ltd.
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| Pricing date: | July 4
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| Settlement date: | July 10
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| Stock symbol: | London: FUM
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| Stock price: | 82p on July 4
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