Pharmaceutical company Futura Medical reported wider losses on higher research and development costs. For the year ended 31 December 2019, pre-tax losses widened to £ 11.1m from £7.2m on-year and the company recorded a revenue of £31.8K. No revenue was recognised in the prior year. Research and development costs jumped to £10.05m from £6.03m, with the increase of £4.02 million 'attributable to the FM57 Phase 3 study which completed on time and within budget,' the company said. 'Following the analysis of the data from the FM57 clinical study which completed in December 2019, the company is well positioned to deliver further positive news through 2020,' Futura said. 'The team is focussed on completion of the regulatory submissions in the US and EU for MED3000 to be approved as a clinically proven, fast-acting topical gel for the treatment of erectile dysfuction.' 'We currently expect limited impact from COVID-19 during 2020,' it added. At 8:51am: (LON:FUM) Futura Medical PLC share price was -0.05p at 8.85p
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