• Most Popular
  • Most Shared

Futura shares slump as Glaxo drops impotence gel

Mon May 14, 2007 3:47am EDT

Stocks

   

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/

(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nL14544729GB/SMALL


More from Reuters

Photo

Obama says success may silence Nobel critics

OSLO (Reuters) - U.S. President Barack Obama acknowledged criticism of his Nobel Peace Prize on Thursday but said he hoped it would subside if he succeeded in his goals, including cutting nuclear weapons and tackling climate change. | Video

» More Top News
Traders in the oil options pit work at the New York Mercantile Exchange, September 9, 2008. REUTERS/Chip East
Analysis:

"More assumptions, more risk"

New oil and gas reserve rules were supposed to improve transparency, but the unforeseen consequences of the regulations could add a layer of uncertainty for investors.  Full Article 

regulatory news
A view of the Morgan Stanley headquarters building in New York's Times Square, October 20, 2009. REUTERS/Brendan McDermid

Wanted: Wall Street talent

Demand for executive talent is on the rise, but the looming bonus season may see a mass exodus to overseas rivals where pay caps are non-existent.  Full Article 

Executive compensation