LONDON (Alliance News) - Futura Medical PLC on Wednesday reported a widened annual loss widened as the company continued to focus on its lead erectile dysfunction treatment MED2005.
Futura shares were trading down 12% at 14.99 pence each.
For 2018, the pharmaceutical company posted a pretax loss of GBP7.2 million compared with GBP4.8 million loss a year ago. This was on the back of higher research and development costs up to GBP6.0 million from GBP4.1 million. Meanwhile, administrative costs remained broadly stable at GBP1.2 million.
Looking ahead, Futura said it is now in a position to progress the development of MED2005 through phase 3 studies and it looks forward to headline data towards the end of 2019.
"We are excited to be moving closer to bringing an innovative, highly differentiated erectile dysfunction product to market that could help the many erectile dysfunction patients whose needs are not met by current treatments," the company added.