North East commercial law firm, Square One Law has advised Guildford-based Futura Medical plc (Futura), an AIM-listed pharmaceutical company on its successful secondary fundraising through placing, subscription and open offer of more than 83.5 million shares.
Futura specialises in developing innovative products for sexual health and pain relief markets based on its proprietary, transdermal DermoSys® drug delivery technology.
Following promising results from previous clinical programmes, the secondary fundraising will enable Futura to progress its lead product, MED2005 a fast-acting, topical gel for erectile dysfunction (ED) to phase three clinical testing.
Angela Hildreth, Finance Director and Chief Operating Officer of Futura Medical said, “Having recently reviewed our pipeline and product portfolio, this fundraising allows us to take the next step in our strategy, focussing on the development of MED2005 through its planned phase three studies, and moving closer to bringing an innovative, highly differentiated ED product to market.”
Angela added, “I cannot speak highly enough of the support received from the Square One Law team during this process. Not only were the team easy to deal with, they turned things around very quickly and their expertise in the biosciences sector was invaluable.”
Mark Lazenby, head of the corporate team at Square One Law, said, “It was a pleasure to work with Angela and the team in supporting Futura Medical in its fundraising activity to enable the final stage development of its sexual health product before filing for market authorisations and out-licensing of the product. We are also pleased that the knowledge Square One Law has in the biosciences sector is being recognised out of region as well as in the North East.”