28th Mar 2014 10:28
LONDON (Alliance News) - Futura Medical PLC expressed confidence for a "landmark" 2014 Friday, after it posted a wider loss in 2013 as it ramped up development of its product portfolio.
The company posted a pretax loss of GBP2.52 million, widened slightly from GBP2.44 million in 2012, as a rise in revenue to GBP370,902 from GBP75,000 was offset by higher research and development costs.
The consumer healthcare company launched its first product, its premature ejaculation remedy PET500, in the US during the year, and expects to begin the launch its novel condom CSD500 in multiple countries in 2014. CSD500 is lined with a gel that promises to increase blood flow to the male member, giving bigger, firmer erections.
Futura expects the initial launches of CSD500 in the Middle East and North Africa, and at least one European country, in the second half of 2014, with further launches in 2015. The company is negotiating licensing for the product in a number of territories including South America.
It also made progress with its pain relief portfolio, which it has now expanded to three products, that it said has generated interest from potential licensees and commercial partners.
As a result of the momentum across its portfolio, Futura raised GBP12.0 million on March 7, which said will help it build value in its product pipeline, and develop its erectile dysfunction treatment MED2002.
"After a year of solid progress across our product portfolio, 2014 will be a landmark year for Futura during which we expect to receive our first recurring revenues."
Shares in Futura were trading down 6.0% at 55.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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