Futura Medical
SPECULATIVE BUYFutura Medical, the designer of an erection-maintaining condom, has seen its share price surge on rumours it is likely to receive the nod from European regulators.
Having already slumped from a year’s high of 50p to almost 12p, the shares have recently risen by 125% to current levels, after the company revealed it had 'received positive regulatory opinion relating to the pharmaceutical aspects of [the condom]’. This means that the long-awaited authorisation looks likely, and the condom, which will be sold under the Durex brand of prophylactic giant SSL, should have a huge market.
The launch of the product, which is expected in 2009 and is conditional on the regulatory green light, would totally transform the company’s fortunes. Presently burning around £2m of cash a year, revenues from a successful launch would allow Futura to develop its other products, which are based around similar technology and include a ‘his and hers’ product with stimulating gel inside and out.
Figures for the half-year to June showed Futura lost £1.1m before tax as it guided a product to treat premature ejaculation into Phase I trials and saw another to treat pain relief successfully complete its own equivalent test. The balance sheet in June recorded coffers containing £1.7m of cash, and new finance director Derek Martin can call on a further £1m cash facility from the bank.
Even at 27.5p, the shares are still trading at less than a third of their 89.5p three-year high, where they boast a considerable degree of speculative appeal.
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Market cap: £15.85m
PE Forecast: n/a
Share price: 27.50p
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