The 15-day rally in Futura Medical’s (FUM:AIM) shares ended today thanks to investors ‘buy on the rumour sell on the news’ strategy. Shares in the drugs-through-the-skin delivery specialist slipped 2.5% to 28.5p on confirmation that it has extended the shelf life of its erection maintaining condom.
Shares in the Surrey-based company had improved 16.8% since the first day of December but fell in early trading as the company confirmed it is ready to put what it describes as a ‘significantly’ extended shelf life for its novel condom CSD500 in front of the regulator.
The approved version of CSD500 in Europe has a sell by date of 12 months and Futura will let the regulator set the improved version’s shelf life.
The strategy is to launch the product under the brand of one of the world’s major condom manufacturers, such as Durex or Mates. The 12-month version is available in five countries under the Blue Diamond brand.
Futura’s pipeline includes pain relief gels and an erectile dysfunction gel for those who cannot take Viagra. The company expects to launch several products in 2016, one of which it hopes will be the extended shelf-life condom.