Shares in Futura Medical PLC (AIM:FUM, OTC:FAMDF) were up 36% in the first hour of trade following its 2023 trading statement, which covered its commercial progress and breakthrough in the US market.
Largely historic, the update reminded investors that the group now has approval for its erectile dysfunction (ED) gel as an over-the-counter product in the States as well as a blue-chip partner in the form of Haleon PLC (LSE:HLN, NYSE:HLN).
Investment bank Liberum, in a note to clients, said: "Aside from a little timing difference that has already reversed out, Futura is progressing in line with expectations and today’s trading update is a timely reminder of how much progress the company has made and how little credit it has been given for this progress."
At 8.39 am, the shares were up 10.1p at 37.8p. Liberum reckons there is still a lot further for the stock to go with its 131p price target.