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LONDON (Alliance News) - Futura Medical PLC Thursday posted a widened pretax loss in the half-year to the end of June as it ramped up development of its pipeline of products.
The healthcare company posted a pretax loss of GBP1.6 million, widened from GBP1.0 million in the previous year, as revenue fell to GBP2,262 from GBP320,513, and administrative and research and development costs rose.
Futura said that its fund raising of GBP12 million in March would support the clinical development of its earlier-stage product portfolio towards commercialisation.
The company is preparing for the launch of its CSD500 condom under its brand Blue Diamond later this year. The product will initially be available in some EU countries. During the half year the company has continued discussions on out-licensing the product into other geographies, and on Monday Futura signed a licensing agreement with Kwang Dong Pharmaceutical Co Ltd for South Korea.
Distribution agreements for CSD500 are now in place for 33 countries, the company said. It will be initially launched with a one year shelf life, and Futura is working to extend that shelf life by at least two years to comply with accepted practice in the condom industry for products containing an active pharmaceutical substance.
Its erectile dysfunction treatment MED2002 is expected to be available in the UK in 2015. Additionally, the company continued to work on its Pain Relief portfolio; a clinical study of its three pain relief compounds compared to commercially available products is planned, and Futura expects to see results from the study in the first half of 2015.
Shares in Futura were trading down 7.1% at 52.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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