Futura Medical joins Alternative Investment Market
Pharmaceutical and medical device group Futura Medical has begun trading on the Alternative Investment Market (AIM) of the London Stock Exchange.
Pharmaceutical and medical device group Futura Medical has begun trading on the Alternative Investment Market (AIM) of the London Stock Exchange.
The company recently raised the sum of £17m conditional on its admission to AIM by way of a private cash subscription, giving an implied market capitalisation of approximately £30m.
Futura Medical develops innovative products for sexual health and has a portfolio of products in various stages of development. In June the company's first product, MED2001, a rub-on vasodilator cream for erectile dysfunction (ED), completed its Phase II study, which demonstrated a good safety profile. MED2001 is likely to commence further clinical programmes later in 2003, prior to a regulatory submission for licensing in 2004. It intends shortly to begin a trial to assess the safety of MED2001 in angina patients, whose nitrate-based medications prevent the use of most current ED treatments. A conditional distribution agreement has been entered into with Goldshield plc.
Futura is also developing CSD500, a condom that incorporates an erection-enhancing compound aimed at reducing the likelihood of potential slippage. It has two other products at earlier stages of development to enhance male and female sexual health and well-being.