Healthcare company Futura Medical PLC (LON:FUM) said it has the balance sheet strength to capitalise on its breakthrough erectile dysfunction gel.
The company is a long way down the road towards further development of the product, known internally as MED2002, and has been very encouraged by the high level of commercial interest from potential licensing partners.
MED2002 has the potential to be a highly disruptive product with significant prescription sales, a possible patent life extension to 2038 and the prospect of an over-the-counter switch in the future, the company said in its 2016 results statement.
WATCH: Futura "continuing to make good progress" ...
The company had cash and cash equivalents of £12.35mln at the end of last year, up from £4.19mln the year before, after the company tapped the market for £12mln in November.
The net loss for the year narrowed to £3.7mln from £5.1mln the year before, reflecting lower research & development spend on clinical trials during the year.
Futura is still an early stage company and revenue was nominal at £170,632, up from £29,476.
2017 has started well with the launch in the Middle East of CSD500, Futura’s erectogenic condom, and the signing of a licensing deal for TPR100, its diclofenac pain relief gel.
"Futura continues to make good progress, both commercially and clinically, across its portfolio of product opportunities and we look forward to the year ahead with confidence,” said James Barder, chief executive of Futura.
“We have the balance sheet strength to drive forward our exciting clinical plans for MED2002, our breakthrough erectile dysfunction gel, with potential for significant prescription sales, once approved, and the prospect of an over-the-counter switch in the future to enable additional sales," Barder said.
"Today’s FY results demonstrate continued strong clinical, regulatory and commercial progress across Futura’s portfolio of products and programmes," said broker, N+1 Singer.
"We continue to expect a regulatory filing in the UK of TPR100 (topical diclofenac) by STADA and the start of a second and final pivotal trial for MED2002/Eroxon® (topical treatment of erectile dysfunction) by year-end. We also expect further regional commercial launches of the company’s erectogenic condom CSD500/Blue Diamond and additional licensing deals for TIB200 (topical ibuprofen), TPR100 and potentially MED2002," it added.
The house broker said it reiterated "a highly positive stance" on Futura.
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