Futura Medical PLC (AIM:FUM, OTC:FAMDF) said its chair and chief executive have stepped down, with a new interim CEO earmarked to take the reins in August.
In a statement on Tuesday, the company said Jeff Needham and James Barder left after discussions with its largest shareholder, which had called for “fresh leadership”.
Alex Duggan, a former senior executive at Alliance Pharmaceuticals, has been named interim CEO. His appointment is expected to take effect in early August.
Duggan brings more than 25 years' experience in consumer healthcare and prescription medicines.
At Alliance, he led commercial and corporate development, overseeing a period in which the business was taken private and sold at a significant premium.
During his tenure, Alliance’s consumer healthcare division expanded more than seventy-fold through a mix of acquisitions and organic growth.
The group will now begin a formal review of its business strategy, working with Duggan and Angela Hildreth, the group’s finance director and chief operating officer, to ensure a smooth transition.
Duggan’s arrival marks a pivotal moment for Futura as it ramps up the commercial rollout of Eroxon, its fast-acting gel for erectile dysfunction.
Under Barder, the group has taken Eroxon from the lab and through an onerous regulatory process to create the first over-the-counter ED to be authorised by US regulators.
Barder told investors: "Building the Group to what it is today has been a long, challenging journey and one that I am proud of.
"We have worked hard to develop a product that is effective, addresses an unmet market need and can be commercialised.
"We have successfully commercialised Eroxon in multiple territories, signed significant partnerships to take the product to market and delivered the Group's first revenues and profit. I leave the business with my best wishes."