Futura Medical Signs Development Deal With GlaxoSmithKline

30th Jun 2010 08:56

LONDON (Dow Jones)--Pharmaceutical company Futura Medical PLC (FUM.LN) Tuesday said it signed a deal with GlaxoSmithKline PLC's (GSK.LN) cosumer healthcare unit to develop a painkiller. GlaxoSmithKline will be responsible for the clinical and regulatory development of Futura's TR100 and Futura will receive "modest" annual payments, the company said. It wasn't more specific. Futura added the two companies expect to enter a formal commercial distribution agreement if and when the product is approved. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires June 30, 2010 03:56 ET (07:56 GMT)