As per the terms of the agreement GSK is expected to fully fund and be responsible for all clinical and regulatory development. Additionally, GSK is also expected to pay modest annual payments to Futura Medical as the development work proceeds.
Futura and GSK are now expecting to enter into a commercial distribution agreement subject to satisfactory clinical outcomes and regulatory approvals.
James Barder, CEO of Futura Medical, said: “This agreement marks another important step in the development of Futura. It broadens the company’s commercial relationships and sources of potential royalty income.
“In addition, it provides further endorsement of our DermaSys drug delivery technology and of our strengths in product development.”