Futura Medical PLC on Tuesday reported a widened loss in its half year report but said it retained a cash runaway extending beyond the launch of its first product.
The Surrey-based pharmaceutical company, which focuses on sexual health and pain relief, does not receive any revenue but is in the process of commercialising its MED3000 treatment.
Futura reported a loss of £2.5 million in the six months to June, widened from £1.6 million in the same period a year before.
Most of this increase stemmed from higher research and development costs. These increased to £1.9 million from £1.2 million last year due to the cost of a Phase three clinical trial for MED3000.
MED3000 will be the first pan-European topical treatment for erectile dysfunction available without the need for a doctor’s prescription. It received approval for a UKCA mark in April 2022. A UKCA mark proves compliance with the legislation of the UK and allows products to be placed on the market in Great Britain.
In the US, Futura has received ‘highly positive results’ from the Phase three clinical study. Futura expects to file a regulatory dossier with the US Food & Drug Administration by the end of September 2022 targeting market authorisation in the US by the first quarter of 2023.
The company reported a cash runway extending beyond the initial launch of its MED3000 in the coming months and expected US regulatory approval in the first quarter of 2023.
Futura said ‘multiple commercial agreements’ are in place in ‘key markets’. MED3000 will be marketed as Eroxon.
Chief Executive Officer James Barder said: ‘I am delighted with the significant progress we have made during the first half of the year as we continue to deliver on the Company’s strategic objectives. The whole team at Futura looks forward with growing excitement to the launch of Eroxon in the coming months as we, in close alignment with our commercial partners, work hard to build Eroxon into a long term, profitable and trusted brand.’
Shares in Futura were trading 4.0% lower at £45.00 pence each in London on Tuesday afternoon.
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