25 May 2012

Loss shrinks at Futura 

02/03/2010 Robert Tyerman

Futura Medical is submitting a key product for European Union approval after cutting annual losses by 30 per cent to £1.5 million.

The Guildford-based company, which raised £2.4 million last year through two placings at 20p and 30p, says it expects to submit a dossier later this month for EU consumer safety approval for its CSD500 erection-maintaining condom. AIM-quoted Futura is confident SSL International, its CSD500 commercial partner, will launch the condom as part of its Durex range ‘as soon as is practicable’.    

When and if CSD500 wins EU approval, Futura says it will progress MED2002, a gel targeting the same problem and also licensed to SSL which it claims has the potential to become ‘the world’s first non-prescription pharmaceutical treatment for men with erectile dysfunction’. Meanwhile, the company has modified the formulation for another product, PET500, designed to prevent premature ejaculation, to comply with the requirements of the US Food and Drugs Administration and is negotiating terms of a licensing agreement for its pain relief product TPR100.

Highlighted by Growth Company Investor at 24p last August, Futura shares have now reached 42.5p, valuing the company at £29 million. Hold on.

Tags: AIM, Deals & contracts, Fundraisings

Sector: Pharmaceuticals & Biotechnology

Companies: Futura Medical

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