Futura Medical PLC (AIM:FUM, OTC:FAMDF) has formally appointed Alex Duggan as interim chief executive, following the completion of regulatory checks.
Duggan, who brings more than 25 years of leadership experience in consumer healthcare and prescription medicines, takes the helm at a pivotal moment for the AIM-listed developer of sexual health products.
The company said Angela Hildreth, finance director and chief operating officer, plans to step down after a six-month notice period. She will remain in her post while a successor is sought, with the board thanking her for her “significant contribution and commitment”.
Futura has struggled to build momentum for its lead product, Eroxon, a gel intended to treat erectile dysfunction.
The group admitted that sales performance remains hard to predict and slower than expected, with inconsistent results across different regions.
The company described Eroxon as a new product in a new category, making it difficult to establish clear sales trends.
The board, now led by Duggan, has begun a comprehensive review of the business.
This will examine Futura’s sales and marketing approach for Eroxon, its overall costs, and other possible strategic options.
Futura expects to provide an update on its review and future strategy when it publishes interim results, which are due in late September.
Duggan said: "Our priority is to deliver a clear strategy that will maximise value for shareholders, commercial partners and employees."