Quantum Pharma:Licensing Agreement with Futura Medical
October 14, 2015Quantum Pharma Plc has announced that it had signed an exclusive agreement with Futura Medical plc the healthcare company which is focused on advanced transdermal technology, to manufacture and make available MED2002, Futura’s novel treatment for erectile dysfunction, as an unlicensed medicine (special) in the UK (the “Agreement”).
According to the statement issued on Wednesday, under the terms of the Agreement, Quantum has been granted exclusive rights to manufacture and supply MED2002 as a special in the UK. In return Quantum will pay to Futura undisclosed royalty payments on the sale of the product.
A special is an unlicensed medicine which is prescribed to a patient when the licensed form of a drug does not meet their specific clinical need, or when there is no licensed form of drug available on the market suitable to treat their condition. Specials are requested and prescribed for treatment by appropriately qualified doctors under their own authority.
The Agreement is a related party transaction pursuant to Rule 13 of the AIM Rules for Companies as Quantum and Futura share the same Non-Executive Chairman, John Clarke. The Directors of Quantum, with the exception of Mr Clarke who has taken no part in the negotiation of the Agreement other than to effect the introduction between the parties to it, consider, having consulted with Zeus Capital, Quantum’s Nominated Adviser, that the terms of the Agreement are fair and reasonable insofar as Quantum’s shareholders are concerned.
Andrew Scaife, CEO of Quantum Pharma, said:
“We are very pleased to be working with Futura to make MED2002 available on prescription as a special whilst Futura seeks to gain its marketing authorisation. MED2002 is a new and exciting product designed by Futura to meet an unmet medical need in the significant erectile dysfunction market.”
