Preliminary Results for the year ended 31 December 2016
23 March 2017
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, is pleased to announce its preliminary results for the year ended 31 December 2016.
MED2002: Eroxon® - Treatment for erectile dysfunction (“ED”)
- Breakthrough results in clinical study showing efficacy, safety and speed of onset, with the potential to be the world’s fastest-acting treatment for ED
- Advisors appointed to assist in securing out-licensing partners
CSD500: Erectogenic condom
- Achieved extended shelf life via modified manufacturing process
- Second manufacturer approved by regulator
- Two new licensing agreements signed for CSD500 with a further agreement announced in March 2017, bringing network of international partners to a total of eight
- First licensee launch and first non-EU regulatory approval granted
Pain relief products TPR100 (diclofenac) and TIB200 (ibuprofen)
- First out-licensing agreement signed in January 2017 for TPR100 in the UK
- US Food and Drug Administration regulatory feedback received for TPR100 which confirmed the Company’s regulatory strategy for the US
- Ongoing out-licensing discussions with prospective partners for TIB200 and TPR100 (outside of the UK)
- Strengthened operations with appointment of Ken James to Executive Director and Head of R&D
- Net loss of £3.70 million (2015: net loss of £5.08 million), reflecting lower R&D spend on clinical trials during the year
- Fundraising in November 2016 via placing of shares raised £12.00 million (before expenses), with proceeds being applied to clinical development work and to working capital
- Cash resources of £12.35 million at 31 December 2016 (31 December 2015: £4.19 million)
James Barder, Futura's Chief Executive, commented: "Futura continues to make good progress, both commercially and clinically, across its portfolio of product opportunities and we look forward to the year ahead with confidence. 2017 has started well with the launch in the Middle East of CSD500, our novel erectogenic condom, and the signing of a licensing deal for TPR100, our diclofenac pain relief gel. We have the balance sheet strength to drive forward our exciting clinical plans for MED2002, our breakthrough erectile dysfunction gel, with potential for significant prescription sales, once approved, and the prospect of an over-the-counter switch in the future to enable additional sales.”
The full results are available to download in PDF format.
Analyst meeting and webcast
A meeting for analysts will be held at 10.00am this morning, 23 March 2017, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. There will be a live webcast of the analyst presentation. If you would like to listen to the webcast, please log on to the following web address approximately 5 minutes before 10.00am:
A recording of the webcast will also be made available at www.futuramedical.com and www.buchanan.uk.com following the results meeting.
For further information please contact:
Aubrey Powell / Liz Yong / Thomas Smale
Tel: +44 (0) 20 7496 3000
For media enquiries please contact:
Buchanan Communications Limited
Mark Court / Sophie Cowles /
Tel: +44 (0) 20 7466 5000
Notes to editors:
About Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for consumer healthcare. The Company is developing a portfolio of products and its strategy is to license their manufacture and distribution to major pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange.