Futura Medical PLC (AIM:FUM, OTC:FAMDF, FRA:GYX), the consumer healthcare company behind the erectile dysfunction gel Eroxon, has increased the size of its retail share offer after strong demand from investors.
The retail offer closed on Friday, having attracted applications well beyond the company's original target.
Futura had initially planned to raise £150,000 through the offer but upsized it to £200,000 following consultation with its advisers.
The retail offer forms part of a wider fundraising package that also includes a firm placing, a conditional placing and a conditional subscription.
Combined, these elements have conditionally raised approximately £1.8 million for the company before expenses.
The fundraise supports Futura's recently announced formal sale process, under which the board is exploring options including a sale of the whole company, individual asset sales, or licensing deals.
The company has said its current market valuation fails to reflect the strategic value of its portfolio, which includes Eroxon, the female sexual health project WSD4000, and a new formulation called Eroxon Intense.
Proceeds from the fundraise are expected to extend Futura's cash runway into February 2027, giving the board time to complete its strategic review.
