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The trajectory its bright prospects deserve.

The dream customer for any business says nothing and does nothing. Underperforming managers of plcs love non-activist shareholders, but know there’s always the threat of takeover, or of an activist investor shaking up company management to improve company performance.

In my opinion, Futura’s current executive has delivered operationally, albeit hampered by the time lags (and costs) created by (1) the FDA and (2) their licensing partners bringing Eroxon to market.

But I do wonder whether it’s not time to bring in an investor relations specialist focused on marketing Futura to investment managers. James Barder has his strengths, but stepping up to the communications plate to ‘sell’ the Futura story through 3 presentations (interims, Proactive Investors, investor meet) of the same slides / information to the same audience clearly isn’t changing the mood music for the share price. Einstein said “ The definition of insanity is doing the same thing over and over again, but expecting different results”.

James can’t rely on investors ‘joining the dots’ in terms of the 200,000 units, or of anything else. After all, you can be sure as eggs are eggs that if Futura publishes any new information, that information is immediately misinterpreted and misrepresented by some investors, and overlooked by others - not necessarily deliberately, but through laziness, or a simple inability to process information accurately. As we see time and again on this board, the ‘arc of distortion’ among some investors is big indeed. So he needs to use his results presentations to be more visionary in terms of the metrics that matter for the share price: revenue and profit growth, presenting not discrete slides but ones that tell a coherent, flowing and embracing story. For example, he really didn’t highlight and follow through the implications of the 200,000 units sold in Q2.

Contrast his skating over this with his probable use of the same information if Futura was having an IPO or fending off a takeover approach at, say, £1. No doubt he’d be showing forecasts with big annual increases in revenue and profit, subject to partners’ roll out plans. Investors would want to buy in to the company or hold onto their shares, rather than chopping another 10% off the company’s market value.

Keynes stated that “In the long run we are all dead”. No current long term investor has an indefinite time in the stock. We will all eventually sell or die. Brokers have current price targets excluding sales that are north of £1. Some of us would like the current share price to reflect these (conservative) targets, so that we can enjoy the fruits of our investment now. But instead Futura’s current share price more resembles a heavy discount investment trust than a fast growing tech company.

James could consider employing an investment specialist whose focus is selling Futura’s story to institutions, to move the company’s share price onto

And so Futura’s share price slips back after the H1 results. No surprises there, as it was full of “known knowns”. The AGM Statement on 22 June 2023 stated that “we are pleased to report that net reported revenues for the six months ending 30 June 2023 will be not less than £1.5 million”. So the £1.7m for H1 was already largely expected. Much of the stuff in the official slides was also already known. It was stuff we’d heard countless times before. So it’s all already in the market price.

“Off piste”, in the Proactive Investors interview we did get a genuinely new “known unknown”, of the £1.7m of revenue being based on circa 200,000 units sold. These are largely from Q2 only, from 2 countries, and in the UK from two retailers, Boots and Amazon. That’s an amazing result, given the narrowness on which it was based.

The 200,000 figure provides us with a window into the soul of Futura. The Co-High venture for China signed in 2021 provided Futura with 50% of the ‘profits’. The 200,000 units is indicating that, with Cooper, Futura’s share is 34%. James Barder seems to have indicated in past interviews that Haleon has driven a harder bargain, with a lower share than 34% for Futura, BUT sweetened by possible future payments by Haleon of up to US $ 45m.

The 200,000 units enables us to calculate break even for Futura. I’ve written in the past that it is not dependent on the US to be profitable. But with volumes in the US it can become monstrously so. This applies even more so if the Eroxon franchise is extended into different delivery systems, to women etc.

James Barder has always been super-cautious in his guidance. It took Cooper around a year after signing its deal to make first shipments, and then only to a couple of countries, and to a couple of retailers. On this basis, Haleon may start sales in the US sometime in H2 2024.

It’s not difficult to see 2024 ending with annual global unit sales well north of 2m (giving a profit north of £10m based on an average £25 unit price, 34% revenue share and flexing costs up a few million for new personnel for new R&D, extending manufacturing supply etc). With 301m shares in issue, and no debt, £10m of profit equates to earnings of 3.3p per share. I’d be really surprised if Futura were not paying a maiden dividend by 2025. Entry price today for the start of this earnings stream. 50p per share. I acknowledge some revenue won’t necessarily recur if buyers are disappointed, but this is all still without the benefit of China etc and product extensions.

Going forward, the revenue and profit bar charts for Futura will be akin to a Harrier jump jet taking off vertically.

The current share price is ridiculously low given what we now know thanks to James’ “known unknown” of the 200,000 units. This more me was the single most important piece of information to investors to understand and really appreciate the significance of.

Clearly, so far, the

The only thing is, James, that we all only have one life to live. We’d like to enjoy the success of Futura sooner rather than later, whilst we have health and strength. So you gotta give Futura some mojo back.

I’m starting to think we need a different / additional broker. I’m sure if we had a Goldman Sachs telling its clients Futura was worth 154p a share without sales and a patent, the shares would not be closing below 48p today. Wishful thinking I know, but my point is only that I feel investors are simply ignoring the current broker, and have been doing so for years. What’s the point of having a broker investors do not listen to? Whose research commands no respect in terms of moving the share price accordingly? If the London market cannot value Futura properly, then what about seeking another, additional, listing on Nasdaq. ARM is relisting soon, with its primary listing there, because of higher valuations. Again, wishful thinking by me, given Futura does not yet sell there.

But something needs to change. Management need to restore upward momentum to the stock. September is their time to speak clearly, convincingly and passionately to the investment community, and to dazzle us with an exciting growth, profits and dividends story that will get us all buying.

After the slew of positive and significant announcements regarding Eroxon / Med3000 this year, most long term investors are probably scratching their heads that rather than trading above £1-£2, Futura’s share price is dribbling down towards the mid 40s in pence. Adjusted for new shares, less than half its value of over 2 years ago after getting EU clearance. Very odd, right? What gives?

In hindsight, there’s been a big loss of momentum. Well over two years with still no product on the shelves in most EU countries, filled with pointless additional and onerous testing and paper work required by the US FDA, and licensing negotiations that are still incomplete geographically. What product that is being sold in the UK is being dribbled out through Boots and Amazon, because of the need to both build brand awareness and learn from limiting mistakes to smaller scale. It will be years before Eroxon / MED3000 is being sold worldwide at full throttle. So there’s been a big loss of momentum since early 2021, reflected in heavy selling. I suspect selling in recent months also reflects the flipping of some of the warrants issued at 40p.

The loss of momentum has also been influenced by investors not knowing just how much sales volumes will be worth to Futura in terms of profit. Yes, commercial confidentiality is a reality of deal making. But to put a value on Futura’s shares, investors need to see through sales volumes to profit, and as a new product we’ve no handle on this at all. The finance director really needs to address the linkage between sales volumes and profit at the interims next month. No wishy washy excuses about confidentiality. We’ve got to know whether the profit per volume will increase as Eroxon is sold through other retail outlets / when those general sales will happen.

When EU clearance was gained, Futura was traded through market makers only. Now, trading in its shares is a mixed market maker - order book model. I’ve got to say that the historically big spikes in its share price have all occurred under the former model. Nowadays, the order book probably will make such dramatic price moves more difficult to achieve, if for no other reason than there are more participants making prices, and not just the limited number of market makers.

I do think Futura’s management needs to address the share price as a matter of urgency. Ordinarily, if a company’s share price underperforms it will get taken over or taken private. I doubt either of those will happen in the short term. James Barder seems to take the ‘field of dreams’ view - build it and they will come. So put in place a global licensing network, add solid KPIs to make licensees deliver, and voilà! Futura will make profits and the share price will increase accordingly.

Each share has a ‘tape’ to provide real time visibility of trades and their execution prices. There is sometimes a delay in the reporting of some trades, especially those way above normal market size. Investors rely on the tape rather than any backward looking (and possibly delayed for weeks) notification of holdings by buyers or sellers. Claiming something isn’t happening simply because it hasn’t yet been reported by the buyer or seller isn’t a smart way to trade.

Selling on the share tape of Futura is heavily influenced by AT trades. It’s glaringly obvious. Check the clustering and frequency of 10,000 lots, so there’s also a clear element of programme trading, with the trades happening at the same time. When liquidity is weak (not much buy volume on the order book), a sudden flurry of AT sells can suddenly crater the share price, which is what happened on Friday, for example. It can happen any time liquidity on the other side of the market is weak.

There’s no other shareholder with the firepower to consistently be selling on the order book at this frequency and length of time than Lombard. Between 15/12/22 and 24/04/23, it sold almost 3m shares. Futura is a company whose 90 day average trading volume is (according to Morningstar) 1.25m, so finding enough buyers for 3m shares (when there are other, smaller, shareholders also looking to sell) means stretching the sales exercise over a lengthy period, and using high volume days like yesterday to undertake the major work.

We can only hope Lombard gets to its target shareholding soon, but whenever it does, the drag on the share at this price level will stop, and trading rebalance in favour of buys, which will help the share price close its discount to valuation.

Lombard is the conductor of the current share price, with the clout (around 100m shares) to determine its short term level. Great write up in The Sunday Times, followed by news of a US licensing deal with the giant Haleon makes daily trading volume yesterday balloon to over 8m shares, with over 1,000 trades, BUT the share price hardly budges. The significant level of involvement of Lombard is a two-edged sword: supportive at 8p, and through exercising warrants at 40p, but selling consistently above this level, so a stream of good news that would otherwise push the share price much higher has been nullified. Until Lombard stops selling, its share sales will create a brake on the share price, however good the news flow from Futura. A bit like Usain Bolt trying to set a world record into the wind: it can’t be done, or at least not easily, whereas if there is a big buyer or big buyers of the shares (the point of the recent investor open day) they would create a favourable following wind, and that horrid £1 discount to Libernum’s conservative current valuation would soon disappear.

Mis-valuations by the stock market do occur. Some companies respond by going private, others are taken over. Given the staggered release of Eroxon, we are years away from being able to see like-for-like sales globally, or even in the UK, where it’s still unavailable through eg the big supermarkets, and all the countless other places it’s possible to eg buy condoms. Until investors have a better idea of repeat sales for Eroxon, can create their spreadsheet models, sales trajectories, dividend forecasts, discount the cash flows etc, the counter armoury against the continued selling of Lombard is weak: reliance on newspaper tips, news coverage, news of new licensing deals. So far, this hasn’t been sufficient to offset Lombard’s selling.

In September, Futura really needs to present a transparent and compelling view of cash flows from sales, one that really excites potential investors, so that they consistently bid up the share price rather than simply waiting for the price to fall back on Lombard selling, one that replaces that horrid discount with a hefty premium, and one that gives all shareholders an exciting autumn 2023 and beyond to look forward to.

Market makers can and do engage in delayed publication of trades, so a buy can appear as a sell and vice versa. And market makers do have an intra-market for shares, which retail investors don’t see. But in return for these and other advantages, market makers provide buyers and sellers with immediate liquidity, using their skill to price the trade (via a tâtonnement process) to hopefully always make a profit.

Fundamentals are like a guiding star. On fundamentals, FUM is a strong share, which Lombard and others have long recognised and bought into, years ago and at much lower prices, making many multiples to date. There’s a long way to go in the FUM story, which is why I find it incredible that after a single day price movement of a few pence this week the question is even raised about when to sell. Ride your winners, get shot of your losers. But use fundamentals to guide you.

I’m amazed at how many poorly-informed and misguided individuals write about Futura Medical (and the workings of the UK stockmarket) on here and elsewhere, on many levels.

Yesterday, FUM announced net revenues (its receipts minus its costs) for the half year to 30 June 2023 of at least £1.5m. This is off a few months of soft launch of Eroxon in a handful of EU countries and a more recent more purposeful launch in the UK. Given the world is over 200 countries, and the single biggest market, the USA, has only just granted regulatory clearance for OTC sales of Eroxon, the read across for full year revenues (all countries) is huge in the context of a company with less than £7m in costs in calendar year 2022. In other words, even without the USA this company will be profitable; with the USA, it becomes monstrously so. A tsunami wave of profits and dividends will shortly be appearing around the corner, purchasable now at circa 60p. On fundamentals, that price can’t and won’t last long.

Technically, FUM management are stimulating demand for the shares through investor seminars. Lombard cannot be a net buyer anymore given its circa 30% holding. It can provide liquidity to new institutional buyers by selling down from here, but at current ownership levels it will be the kingmaker in deciding FUM’s future. Interestingly, given FUM does not now require any future funding, the supply of its shares are fixed, so upward price movement will be the only way of new investors buying into the company if Lombard doesn’t sell. Basic supply and demand.

Given the different stages of release of Eroxon around the world (especially bad in China), it will take several years before FUM’s net revenues are strictly comparable year on year, as there will be two influences rather than one - new and repeat sales in country, plus sales in new territories.

Keep your eyes on the prize - statistics don’t lie. Hence, each and every study into Eroxon has always confirmed many more men benefit from using it than don’t. Some individuals won’t respond positively to it, but most will. That won’t change, whatever product reviews are written on websites. And remember, sex sells. Always has, always will.

Too many private investors believe market makers are the bogeymen for their investment missteps. They’re not. Their own stupidity is - which is why many derivative firms state that 65%-80% of their retail clients lose money. I guess it’s human nature of many to find a scapegoat for their own shortcomings - including the overconfidence that drives many of them to overtrade in the belief they are Masters of the Universe, able to time their trades at the bottom and top of each price cycle to exponentially make money. Market makers are simply intermediaries between buyers and sellers, but with many advantages over each, particularly visibility of potential and actual order flow. You can’t Google Finance or use 15 minute delayed prices to successful

Statistical significance is just that: what is observed is highly unlikely to be due to chance - in other words, the observed result is meaningful. Despite the meaningful result of the first trials, on which the EU based its regulatory clearance for MED3000, the FDA requested further clinical data, parsing the results from the first trial for eg not including certain ethnicities, and not demonstrating efficacy over a longer period of time. The second set of clinical results were even more impressive. Yet, six months after being provided with those results, the FDA is parsing those results again, seeking non-clinical information. Its approach is utterly pointless. All it has done is add to Futura’s costs, delay introduction of Eroxon to the US market, and raise the prospect that Futura will need to raise further equity at a much lower price than if the product had already been cleared and released for use in that market. Ultimately, shareholders suffer through having more shares in circulation. The FDA and many other regulators conduct their work divorced from commercial realities. Delays through seeking costly and pointless further information from companies can really harm those companies, especially those without an established revenue stream. It can be the difference between a cratered share price, making raising equity finance considerably more expensive, and a vastly higher price that minimises dilution.

Rather than adopting a pragmatic approach, the FDA’s request for further information is utterly pointless, especially in the context of having already had six months with the latest clinical results. Statistical significance is the cornerstone of scientific endeavour. The FDA’s attempts to question that of MED3000, not once but twice, are making it look ridiculous. It’s the kind of behaviour that gives regulators a bad reputation, for loving bureaucracy for its own sake, rather than intelligently facilitating economic growth.

I’m genuinely surprised Coopers still has not launched Eroxon in Europe yet. I really thought a marketing campaign would be in progress by now. Clearly, daily trading volume is much higher nowadays, as ‘insiders’ buy ahead of that campaign kicking off. Futura is a £150m company at this share price level. Every year there are the ‘shooting star’ companies, that go to stratospheric share price levels from low levels. Futura could be the shooting star of 2023. A 10x increase to around £5 would still only make it mid cap. Share prices overshoot upwards and downwards. I believe the UK / EU launch will catapult its price beyond £1, and US launch to beyond £2. Extension of the patent adds more. Media froth even more. There will be profit taking on the upside, but those whose are thinking of eg 20% are likely to miss one of the rides of the century. I’m in from 8p. Progress since has been incredibly frustrating, but a 7x increase in almost 3 years for doing nothing other than buying and holding is not to be sniffed at, especially when the real interest rates is now negative. Certainly, if I had a crystal ball, able to see and trade the turns, I’d be richer than Croesus now from Futura. But I don’t have such a ball. 2023 is the year of Futura. Commercial launches in multiple territories. US FDA clearance. US partnership. US sales. Sales in other territories. Possible patent extension. All for 55p now? There are few if any stronger investment stories in the UK stock market in 2023.

Backwardation is relatively rare - it is when the ‘yellow strip’ touch price has the bid price lower than the offer price - a sure recipe to lose money, which is why it’s always temporary. The more straightforward reason is that market makers may offer buy or sell prices on the opposite side of the mid price if there’s sufficient competition for order flow.. They’re still making a positive margin. It’s for this reason that looking at claimed total buys and total sells on sites like this is misleading: some sells are buys and some buys may be sells. Private investors never see the order flow of market makers, and shouldn’t try to understand it, especially when trades can be delayed. AT trades are always what they say on the can: red are sells, blue are buys.

Futura is now fulfilling first orders from Coopers. Coopers is wholesaling Eroxon, so it will be important that it monetises these orders as soon as possible. That, for me, makes retail sale availability of Eroxon closer to 1 January 2023 than to 31 March 2023. But marketing activity will precede retail sale availability, to create awareness and buzz around the product. So I’m now thinking December for this, before January 2023 launch in UK and some other key EU markets. Clearly, Cooper has to make deals with multiple retailers in each territory, to maximise Eroxon’s commercial footprint; and it must also ensure it has enough pipeline supply to satisfy these retailers’ demands. Barber is right that shareholders can’t expect a “running commentary” on what are obviously commercially sensitive deals.

The crucial takeaway from this morning is that Futura is now up and running in terms of selling Eroxon, albeit at the wholesale level. What matters medium and long term will be retail adoption and frequency of use. Trading a share with so much positive commercial and regulatory news momentum over the next year seems a dangerous pastime to me, but each to his / her own.

For me, Futura is now a company whose sales will only grow, hopefully exponentially, over the next few years, as more and more licensees (even China in 2025) turn on their sales taps for Eroxon, Futura brings out improved and lower cost products and adjacent product offerings, and there is increasing retail adoption and frequency of use. This is the big picture.

As they say, keep your eyes on the prize.

So, no commercial launch of Eroxon in 2022 (“plans are at an advanced stage for initial launches in first half of 2023”), but since its approved shelf life is 42 months (3 ½ years), “first manufacturing orders have been received from our European partner”, and there will be “at least 3 years shelf-life at point of sale”, initial European launches will be not later than 1 January 2023- 31 March 2023. Really important point - presumably these orders now mean cash royalties have / will begin for Futura, lessening the need for any placing in 2023. The marketing campaign will begin before sales, so I guess in 2022. The search for a US commercial partner has now begun, another positive. No surprise about China: I didn’t see sales there until 2025.

Futura stated in its full year results (Full Year Results for the year ended 31 December 2021), published on 26 April 2022, that there would be “initial product launches over the next year”. The results are written seen from 31 December, so anything post 31 December falls into the next year, and is described as such. So, the product will be launched this calendar year, 2022. Theories of its launch in March 2023, after approval in the US, are simply wrong in my view, and a red herring. My hunch is it will launch in the last quarter of 2022 - probably October 2022 (ie last quarter of this financial year). No waiting for every territory to be ready to launch. I see sequential launches, as and when other territories, including the US, become ready. These may be in 2022, but certainly in 2023 and perhaps even into 2024 or 2025 in the case of China.

I think there are 5 issues holding the Futura share price back.

1. No date for commercial launch. We’ve several licensing deals signed, but no dates for commercial launch of the product.
2. Even when it is launched, there will be a wide spectrum of views of short, medium and long term product adoption. The lower views will constrain demand for the shares, and therefore share price growth. On the other hand, higher views could lead to explosive share price growth. With mature products, management would give guidance on sales, reducing the spectrum and share price volatility.
3. Product trials. The US has required a confirmatory product trial, and China and some other regions outside the ‘lift and shift’ of EU clearance carry over May require their own trials to satisfy regulators, holding back product launch.
4. Patent protection. Years have now passed since Futura applied for patent protection on its formulation. Patent protection will boost sales, by preventing illegal copycat products.
5. Management ability to deliver supply. We’ve no idea whether Futura has enough manufacturing scale, in the right places, to meet future demand. We’ve also no idea whether Futura’s supply chain will be affected by issues like the Felixstowe strike, or shortages of truck drivers.

We expect news within days and certainly by end September on the US product trial results, and on a date for commercial launch in the EU and UK. This news should boost the share price substantially (I’m assuming there are no surprises in the confirmatory trial results).

But this will be only the start, as there will still remain dates for roll outs in other territories, other trial results, patent protection, and management ability to deliver supply as hurdles to be overcome. As well, medium and long term adoption rates really will need clarification. I expect a lot of share price volatility given all these uncertainties.

Futura could be one of the most exciting and rewarding shares to be invested in over the next few years. Especially with new innovations to support the franchise - new packaging and delivery formats, new indications (premature ejaculation and female sexual dysfunction) - plus exploitation of the topical cannabidiol product.

I’m increasingly of the opinion that the delay in this reaching the shelves is FD71 - the US confirmatory trial. My thinking is that it’s supposed to be done under controlled scientific conditions, and this means zero access to other sources of MED3000 (eg internet purchases) or even publicity that may influence participants’ feedback. On 28 June 2022, Futura reported that “the clinical study, including patient follow-up, is drawing to a close. The Company remains on track to be able to disclose the results in early September.”

“Is drawing to a close” is key here, for me. Until that’s done, sales won’t occur elsewhere. They are dependent events: patient follow-up must finish to trigger the start of marketing activity and sales elsewhere. So, I see the most likely time for the announcement of sales in the EU and UK being from now to end August. I’m thinking Futura shared this timeline with Cooper, who understand and have bought in. Right now, Cooper should be filling its distribution centres with product manufactured by Futura ready to meet projected early demand.

We’ve not got too much longer to wait.

I think it’s fair to say that most if not all of those of us invested in FUM before or since it was awarded the CE mark in May 2021 for MED3000 expected the subsequent product (Eroxon) to be in our check-out baskets and beyond by now. Progress to commercialise it, in terms of generating sales revenue, has been painfully slow in the UK and EU, the markets where first sales were expected, based on coverage of the CE mark. Now a deal for these markets has been tied up with Cooper Consumer Health, speed to market (marketing and sales) is now very much in the hands of this third party, assuming FUM can supply manufactured product. Since the deal was signed literally a month ago, it may be a wee bit too soon for Cooper to have worked out a marketing campaign, although it’s had months to think about how this could be done (and to do home testing of the product) and include it in its pitch to Futura for the rights. As well, whatever campaign is rolled out may need to have uniform messaging across the multiple languages of the EU, and this will affect the speed of marketing production.

At the moment, Eroxon is like the proverbial ‘talking horse’ in horse racing, producing spectacular home gallops (ie all the test results), but yet to be seen and replicate that stellar performance on the racecourse (ie commercial launch and success). To extend the horse racing analogy, the great stallions, like Northern Dancer, Sadler’s Wells and Galileo commanded super sized stud fees only after their outstanding success, first, on the racecourse and subsequently, second, as sires of subsequent outstanding racehorses.

FUM’s share price is a small fraction of what it should be because it’s largely based on Eroxon as a ‘talking horse’. Commercial launch, and proven commercial success against the existing erectile dysfunction treatments will propel that share price to a completely different dimension.

Cooper Consumer Health have purchased the right to distribute MED3000 in Europe for 5 years. Intuitively, then, why would this company, which is owned by demanding private equity, sit on those rights for a year? Private equity backers seek higher returns than most other types of investors, so an early launch now is highly likely.

Talk of 2023 for launching MED3000 in Europe seems plain wrong. Futura has the manufacturing capacity in place; and Cooper has had time to think about how to market and distribute MED3000 in Europe, and has the experience of doing so with a large number of other OTC products.

The clock is ticking on its 5 years as licensee; it needs to start to sweat its new asset.

Some investors are grumbling about the lack of financial detail around the deal. Again, intuitively, what would you expect? Four deals were signed previously, and very little financial detail was shared around any of them. More need to be signed. Imagine how cheesed-off each might be to learn of more favourable financial terms granted to some, but not to others? Would they demand a renegotiation? In a simple single deal, the risk isn’t there, but when you’re negotiating with multiple parties, I don’t think it’s realistic to expect much detail.

Some are also looking for forecasts. Again, why make the share price a hostage to fortune? I’m sure Futura and Cooper have their own internal forecasts. But MED3000 is a completely novel product, and will set its own forecasts, based on year 1 sales in each territory: more will be expected in year 2, and more will be expected as sales in other regions occur. Trends will be established, and comparisons can then be made with sales of other erectile dysfunction solutions.

I’m as disappointed as most or all on here by the wretchedly low share price. We need real excitement around MED3000 that brings in new long term investors. Moving the product from clinical testing, and discussion in arid regulatory and business deal settings, to the buzz of consumer launch and consumer experience shared on social and traditional media will, I believe, be the transformative moment for the share price to sharply re-rate to a level deserving of a likely high-growth stock.

I think the muted reaction today simply reflects the continued absence of a firm date on which MED3000 will be available to buy. Plus, beyond relatively few people in the investment and medical community, it’s pretty much unknown. These things should change pretty soon.

Futura expects to submit the results of FD71 in September 2022, at which point it will start engaging with potential US ‘partners’. It will have not just those results, but I’d be gobsmacked if it doesn’t by then have early sales data from Europe. As well, by then, the product should be well socialised and discussed on social media and in traditional media. Helping inform this will be the experience of early adopters.

I still feel there’s a determined seller of these shares in the background, through the order book, with their iceberg order, replenishing the order book and selling in round lots. We need much more sustained and determined buying to overcome the weight of these sales, and re-rate the shares. It’s ridiculous that they are still trading at less than a third of Libernum’s estimated value, despite huge progress on the commercial front.

Investors have become Doubting Thomases in the extreme.