Futura shares slump as Glaxo drops impotence gel

LONDON, May 14 (Reuters) - Shares in British sexual health specialist Futura Medical Plc (FUM.L) lost nearly a third of their value on Monday as GlaxoSmithKline Plc (GSK.L) dropped plans to develop its MED2002 anti-impotence gel.

Futura Chief Executive James Barder said he was "clearly disappointed" by the move and would now seek to open discussions with other potential licensees.

Glaxo signed an agreement last year to develop MED2002 as the world's first over-the-counter remedy for men with erectile dysfunction, offering an alternative to pills such as Pfizer Inc's (PFE.N) Viagra.

The product is based on glyceryl trinitrate, a vasodilator that has been used for the treatment of angina for more than 40 years.

Futura stock was quoted down 32.3 percent at 41 pence in early trade.

((Reporting by Ben Hirschler; editing by Paul Bolding; email: ben.hirschler@reuters.com; Reuters Messaging: ben.hirschler.reuters.com@reuters.net; +44 20 7542 5082)) Keywords: FUTURA GLAXO/

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