Futura Medical Annual Loss Widens On Higher Research Costs

LONDON (Alliance News) - Futura Medical PLC said Wednesday that planned increase in research and development expenditure for the development of erectile dysfunction gel MED2002 clinical programme has resulted in a widened loss for 2017.

The pharmaceutical company reported a pretax loss of GBP4.8 million for 2017, compared with a pretax loss of GBP4.5 million in the year ago period, on a revenue of GBP362,727 and GBP170,362, respectively. Research and development costs for the period totaled GBP4.1 million versus GBP3.5 million a year ago.

Cash at the period end dropped to GBP8.4 million from GBP12.4 million a year ago.

The pharmaceutical company said that it had positive feedback on the two phase III MED2002 trials in the clinical programme, and the commercial out-licensing discussions for the gel were at an "advanced stage".

"2018 has started well particularly with the progress of our Phase III clinical programme for MED2002, our breakthrough erectile dysfunction gel. The positive interim data announced yesterday from our pharmacokinetic study indicates that we will be able to include at least two higher strength doses of MED2002 in our Phase III clinical studies along with the dose used in our earlier Phase II study thereby offering the potential for improved efficacy," said Chief Executive James Barder.

Shares in the company were down 7.7% at 39.25 pence each in afternoon trade.