(Alliance News) - Shares in pharmaceutical firm Futura Medical PLC dropped sharply Wednesday after interim losses worsened amid rising development costs, whilst it continues to progress key clinical trials.
Shares in Futura Medical were 11% lower at 38.00 pence in London on Wednesday.
For the six months ended June, pretax loss doubled to GBP5.3 million from GBP2.5 million the year prior. This was after research & development costs surged to GBP4.7 million from GBP1.7 million the year prior.
Futura did not generate any revenue in either year. The firm does not currently pay a dividend.
"We continue to make good progress in the development and commercialisation of our pipeline of product opportunities," Futura Chief Executive Officer James Barder said.
"We are pleased to have completed recruitment for the double-blind, clinical efficacy of the first European Phase 3 study of MED2005," Barder added. "Most patients have elected to continue into the open-label, Phase 3, safety stage in which all patients are on the highest dose of MED2005. We look forward to Phase 3 headline data by the end of the year."
"Engagement with eminent experts in the field of erectile dysfunction continues in both Europe and the US to increase awareness as well as with potential commercial partners in advance of Phase 3 results which remain our key priority to deliver on by the end of 2019", Barder continued.
Futura Medical (FUM)