(Alliance News) - Futura Medical PLC on Tuesday said it appointed Non-Executive Chair Jeff Needham as the successor to outgoing chair John Clarke, who has stepped down.
The Guildford, Surrey-based pharmaceutical company said Clarke leaves the company having been with the company since 2011, having been "instrumental in driving the company's strategy and success in securing commercial partnerships".
His departure is part of planned transition with Needham taking over the reins, who has been a non-executive director since late 2021.
A search for a new non-executive director is underway and an announcement will be made in "due course", Futura Medical said.
"As the commercialisation of MED3000 continues to gather pace in the US and globally, we are fortunate to have a natural successor on the board. Jeff's extensive experience and expertise with the consumer healthcare products industry, in particular in the US market, will be invaluable as Futura enters an exciting new chapter in its development," said Chief Executive Officer James Barder.
Outgoing Clarke said: "Following yesterday's announcement of the company's US collaboration with global leading consumer healthcare company, Haleon, and as the company enters its next stage of growth, it is the appropriate time for me, after twelve years to move on. It has been a privilege to work with the Futura team, seeing transformational progress, growth and execution.
On Monday, Futura Medical agreed a licensing deal with Haleon PLC for the rights to exclusively commercialise Futura's erectile dysfunction treatment Med3000 in the US. It will receive an initial upfront payment of USD4 million from Haleon, a Weybridge, Surrey-based consumer healthcare products firm and the owner of Advil.
Futura will also receive royalty payments on all sales by Haleon of the gel-based Med3000 treatment and potential commercial and performance-driven sales milestone payments ranging from USD5 million to USD45 million over the course of several years.
Clarke continued: "Achieving FDA approval for our lead product MED3000 was a critical focus for me as chairman, significantly de-risking MED3000 and allowing the company to negotiate a US commercialisation deal that would make MED3000 available to consumers in the largest ED market worldwide. It is now a pleasure to pass the baton to Jeff who I trust to continue to lead the business on its next stage of growth and innovation."
Shares in Futura Medical were up 2.6% to 53.76 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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Futura Medical (FUM)