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(Alliance News) - Futura Medical PLC on Wednesday celebrated its "first set out meaningful revenues" in 2023, as sales for its erectile dysfunction treatment climbed.
Shares in Futura Medical dropped 16% to 36.00 pence each in London on Wednesday morning.
The Guildford, England-based pharmaceutical company focused on sexual health products reported 2023 revenue of GBP3.1 million, compared to none the year before.
This came from sales of its lead product, Eroxon, a fast-acting gel used to treat erectile dysfunction, which has been available without a prescription in UK pharmacies since March last year.
Pretax loss remained the same year-on-year at GBP6.9 million.
Looking ahead, Futura Medical said it will continue to commercialise Eroxon, and continues working with its distribution partner, Haleon PLC, for the execution of the gel in the US.
Commenting on its results, Futura Medical Chief Executive Officer James Barder said: "I am delighted to be reporting on this landmark set of results in which the group has delivered its first set of meaningful revenues following a year of huge progress. After the first launch of [Eroxon] in the UK and Europe in partnership with Cooper Consumer Health, marketing authorisation in the [US] and with launch preparations going well with Haleon, our distribution partner in the largest consumer healthcare market in the world, we are well set for our next stage of growth."
By Sabrina Penty, Alliance News reporter
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