5 September 2005
Interim Results for the six months ended 30 June 2005
Futura Medical plc ("Futura" or “the Company”), the AIM-quoted pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, announces its interim results for the six months ended 30 June 2005.
Highlights
- Excellent progress with three lead development products:
- CSD500: submission of dossier for EU marketing authorisation on track for November 2005
- FLD500: global distribution rights licensed to SSL International and all clinical work successfully completed
- MED2002: exclusive co-development programme with major pharmaceutical group on schedule, with pilot results expected in November
- Loss of £856,027 (First half 2004: £578,702) reflecting increased R&D spend of £686,116 (First half 2004: £360,391) in line with expected acceleration of development programmes
- Other administration costs of £380,378 broadly in line with comparative period in 2004, demonstrating tight cost management
- £2.7million cash in bank as at 30 June 2005
- Chairman Dr Bill Potter to commit more time to the Company as lead products move closer to market
Commenting on the results, James Barder, Chief Executive, said:
“The past six months have been the most productive and busiest in the history of Futura and we fully expect the momentum to increase over the next six months. The submission of the EU dossier for marketing authorisation of CSD500 and the completion of further MED2002 pilot work to conclude global distribution arrangements for the first OTC pharmaceutical treatment for Erectile Dysfunction are just two of the key milestones we expect to achieve over the coming months."
“We are also delighted that our Chairman, Dr Bill Potter, will be committing more time to Futura having become increasingly involved in the product development programmes this year. “