Futura hails product progress

08/09/2010 Robert Tyerman

Consumer healthcare concern Futura Medical says it expects European approval this year for its CSD500 erection-maintaining condom.

Based in Guildford, Surrey, and quoted on AIM, the company, which reduced interim losses by £108,000 to £598,000, says its development partner, Durex maker SSL International, submitted extra information to the European authorities earlier this year, which could clear the way to launching CSD500 as a Durex-branded condom.

Chief executive James Barder says Futura, which received £125,000 revenues in the six months to June in the form of milestone payments, royalties, consultancy fees and the like, signed a development agreement with pharmaceutical giant GlaxoSmithKline for its TPR100 pain relief product. He indicates the company has identified a new opportunity for a strengthened version, TPR100-Rx, as a prescription pain relief product for the North American market, and reports 'significant progress' with potential commercial partners for its PET500 product for preventing premature ejaculation, following 'positive' results from a Phase I clinical trial.

Futura ended June with cash of £1.3 million, having raised £1.5 million at 30p in November. Highlighted by Growth Company Investor at 24p last year, the shares have now reached 47.5p, valuing the company at £32 million.

Hold on.