Futura Medical PLC's (AIM:FUM, OTC:FAMDF) new chief executive has said he is taking a patient and careful approach to a strategic review of the business, stressing there is significant value in its two key assets, Eroxon Intense and WSD4000.
Alex Duggan, who stepped up as interim CEO in September, said: “Since my appointment as interim CEO, I have been working closely with the Board and the wider team to carefully review the business, its priorities, and its strategic options.
"Our focus is on building a clear strategy that maximises value for shareholders, commercial partners, and employees.”
He added that while early sales of Eroxon, the company’s flagship erectile dysfunction gel, had been slower than hoped, it was too early to draw long-term conclusions.
“Markets of this nature often take time to develop,” Duggan said. “We remain confident there is meaningful global demand for a well-positioned topical product to support male sexual intimacy.”
Eroxon is now available in 25 countries. Development of Eroxon Intense, designed to enhance sensorial effects, is on track for regulatory approvals in Europe and the US by the end of next year, with a larger home-user study in the UK under way.
WSD4000, aimed at treating sexual dysfunction in women, has completed a proof-of-concept trial with positive results, with further studies scheduled for 2026.
The company reported first-half revenue of £1 million, down from £7 million a year earlier, as distributors continued to run down stocks built up in 2024.
Losses after tax widened to £6.6 million from a £1 million profit, after impairment charges and provisions related to lower demand. Cash stood at £3.7 million at the end of June, falling to £2.7 million by August.
Futura previously warned that full-year revenue would be well below expectations. To conserve cash, Futura has begun cutting costs and is considering a range of options including new licensing and distribution deals, as well as additional financing.
Despite the setbacks, Duggan reiterated the company’s belief in its pipeline.
“There is currently no known regulatory-approved over-the-counter treatment available for impaired sexual response and function in women globally,” he said.
“We therefore see the opportunity for WSD4000 as an exciting market which we are well placed to serve.”