LONDON (Alliance News) - Healthcare firm Futura Medical PLC said Wednesday its interim loss deepened after revenue disappeared and costs rose, as it continued to make progress on the development of its two main products.
For the six months ended June 30, pretax loss widened to GBP2.5 million from GBP2.0 million the year prior.
This was after revenue withered away to nothing from GBP362,557 the year before. Administrative costs increased to GBP866,132 from GBP605,742 the year prior, more than offsetting the fall in research & development costs to GBP1.7 million from GBP1.8 million the year before.
"Futura has made excellent progress in the first half of 2018, solidifying and improving the robustness of the planned Phase 3 programme with MED2002, our breakthrough topical erectile dysfunction gel," Futura Chief Executive Officer James Barder said.
"We look forward to the first patient dosing of MED2002 in the first Phase 3 trial in Europe in the next month and are excited to be moving closer to bringing an innovative, differentiated ED product to market that could help the many ED patients whose needs are not met by current treatments," Barder added. "We will also continue to explore ways to ensure profitable income streams from CSD500 and our pain relief gel products."
As well as it MED2002 - also known as Eroxon - the firm also is developing an erectogenic condom named CSD500.
Shares in Futura were 5.8% higher at 12.30 pence on Wednesday.
Futura Medical (FUM)