25 May 2012

Futura to raise £3.2m

11/03/2011 Ben Jaglom

Sexual healthcare concern Futura Medical (FUM) has unveiled a paring of losses for the year to December and a placing for £3.2million.

The AIM-quoted company reported a loss of £1.09 million (2009: £1.39 million) as sales more than doubled to £125,000.

It also announced that it was carrying out a placing with Nomura Code to raise £3.2 million to ‘new and existing institutional and other investors’ at a price of 67.5p. The proceeds are to be used to develop its earlier stage pain relief and topical anaesthetics TPR100 and RAD100.

The Guildford-headquartered venture is currently developing the CSD500 condom in conjunction with Durex. Futura noted that a user study of 108 couples found that it met its endpoints of ‘increased penile size’, ‘a firmer erection’ and a ‘longer lasting sexual experience for women.’

Another of its products, PET500, a spray for men that suffer from premature ejaculation, was recently signed as part of a commercialisation agreement with Ansell, with Futura arguing that selling the product as being for ‘enhanced sexual control’ rather than for premature ejaculation is a ‘more attractive marketing stance.’

Last Recommended by Growth Company Investor at 84p in February, the shares have slipped 17.3 per cent since, and are currently trading at 69.5p. Hold on for now.

Tags: AIM market, Enhanced sexual control, Futura Medical, Pharma, Premature ejaculation

Sector: Pharmaceuticals & Biotechnology

Companies: Futura Medical

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