Futura Medical signs license agreement with Thornton & Ross
Futura Medical, an AIM listed innovative healthcare company focused on transdermal technology, has signed a licensing agreement with Thornton & Ross for the commercialisation of TPR100, the company’s novel diclofenac gel for pain relief.
Thornton & Ross (T&R) is one of the largest consumer health companies in the UK and was acquired by STADA Arzneimittel AG (STADA), the international healthcare group, three years ago.
Under the terms of the agreement, T&R will conduct the manufacturing scale-up of TPR100 and hold rights to manufacture, market and distribute the product in the UK for the lifetime of the product’s patents, which run to at least 2028 in the UK. Futura will receive an upfront payment and milestone payments up to a certain limit along with royalties on product sales.
TPR100, which benefits from the rapid skin permeation rates offered by Futura's proprietary DermaSys delivery system, demonstrated statistically significant results in a 2015 clinical study comparing the product against both placebo and currently marketed products.
No further clinical work is expected to be required ahead of regulatory submission by T&R for UK marketing authorisation, anticipated in the second half of 2017.
Executive Vice President of Brands at STADA, Dieno George, said: "Thornton & Ross is an ideal partner for Futura, with its expertise in both OTC and Rx marketing and we are very excited to bring TPR100 into our product portfolio. TPR100's topical formulation, and positive trial results achieved to date, mean that it has the potential to be a product that very successfully meets patient needs."
Chief executive of Futura, James Barder, said: "We're delighted to sign this licensing agreement with Thornton & Ross for the UK rights to our topical diclofenac gel, TPR100. This agreement is an important milestone for Futura as it marks the first commercial validation of the Company's pain relief portfolio. We look forward to working with Thornton & Ross on the initial manufacturing scale-up of TPR100, followed by its registration and subsequent commercial launch."
The share price of Futura was down 0.53% at 56.70p at 1450 GMT on Tuesday.