25 May 2012

New funding for Futura

12/11/2009 Robert Tyerman

Futura Medical will use its £1.5m new cash to take its lead product to market, develop other research projects

Futura Medical will use its £1.5m new cash to take its lead product to market, develop other research projects

Futura Medical is raising £1.46 million to help the regulatory approval process for its erection-maintaining condom, CSD500 and support other projects.

The Guildford-based company, which develops ‘innovative’ consumer healthcare products, is raising the money at 30p a share through nominated adviser and broker Nomura Code Securities. AIM-quoted Futura is developing CSD500 with Durex maker SSL International, which is to file additional data on the product in the first quarter of 2010, with a view to launching the product later next year, if all goes well.

Steered by chief executive James Barder, the company will spend some of the placing proceeds on other projects under development and evaluate ‘some early research leads’. Futura, which reduced first-half losses 34 per cent to £706,000 and ended June with £965,000 cash, also argues the placing will strengthen its balance sheet, thus making it easier to negotiate out-licencing deals with pharmaceutical companies and others.

Highlighted by Growth Company Investor in August at 24p, Futura shares, which have fluctuated between 43.5p and 12.25p over the past 12 months, now trade at 36.5p, down 2p this morning, valuing the company at almost £23 million. Hold on.

Tags: AIM, Fundraisings

Sector: Pharmaceuticals & Biotechnology

Companies: Futura Medical

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