Transdermal technology firm Futura Medical PLC (LON:FUM) had plenty of good news for shareholders at Tuesday’s annual general meeting (AGM).
Futura chairman John Clarke’s AGM statement, released ahead of the meeting, gave a round-up of progress made to date on the commercialisation of the company’s product pipeline.
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Top of the bill was the CSD500 prophylactic, which helps men maintain an erection.
Monthly data reports from Futura’s extended shelf life product are giving the company confidence in the product's ability to meet the requirements of its partners. Talks with regulatory authorities in India and Europe are taking place, and Futura expects regulatory approvals for CSD500 will be based on a shelf life of at least 18 months, thereby enabling a product launch in key commercial markets.
Production is underway for an anticipated launch in the second half of this year in certain territories in the Middle East and North Africa.
The company recently announced a new manufacturing agreement for the CD500 in India and yesterday it unsheathed an agreement with Milsing, the leading private company in the over-the-counter drug and food supplement market in Southeast Europe, for the distribution of CSD500 in seven countries in that region, and the company remains in discussions with other potential distributors to out-license the product in further territories.
Moving on to its non-steroidal anti-inflammatory drug (NSAID) pain relief gels, following the positive clinical data announced last year, the company has received significant interest from a number of companies to in-license these products.
"On MED2002, Futura's topical gel for the treatment of erectile dysfunction, 137 patients have so far completed this pivotal clinical study and we expect the remaining 55 patients to complete by the end of July. If the current rate of completions is maintained, we would expect to announce the headline results of the study during September 2016,” Clarke was set to tell shareholders at the AGM.
“With potential news flow from all of our pipeline projects during the remainder of the financial year, we believe that there is clear potential for value generation this year and beyond," Clarke’s statement concluded.