25th Mar 2015 11:17
LONDON (Alliance News) - Futura Medical PLC Wednesday posted a widened pretax loss for 2014 as it continued to focus on developing its product pipeline, and said 2015 is set to be a "year of significant news flow at Futura, with key value inflection points expected across the company's product portfolio".
The healthcare company posted a pretax loss of GBP3.5 million, compared with a pretax loss of GBP2.5 million in 2013, due to a jump up in operating costs, and it posted revenue of GBP43,929 compared with GBP370,902 a year before.
Futura raised GBP12 million last March, which it has put towards its product pipeline, financing clinical trials and regulatory work.
It will use these funds for two clinical trial programmes which are close to starting. It expects the first patient to be dosed in April in its clinical trial for its pain relief products, and the first patient in its trial for its MED2002 gel for erectile dysfunction to be dosed in the second quarter.
It launched its CSD500 condom product in the Netherlands in Belgium last October under the brand Blue Diamond. The brand has been of interest to some existing and potential licensing partners, Futura said. It signed a deal with Kwang Dong Pharmaceutical Co Ltd last September for the brand in South Korea, and said it is continuing discussions in further territories where a licensing partner has not already been appointed.
The novel condom shares the same active ingredient as MED2002, and promises increased blood flow, giving bigger, firmer erections and a longer lasting sexual experience for women.
"This high level of activity has been facilitated by our significant equity fundraising in 2014. We enter 2015 with a strong balance sheet, a number of projects under way and with a determination to generate value for our shareholders," the company said in a statement.
Shares in Futura are trading down 0.6% at 41.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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