Business
Futura Medical - Interim Results 2023
Futura Medical - Interim Results 2023.
About this update from Futura Medical Plc
[{"type":"text","content":"\n\n18 September 2023\n Futura Medical plc\n(\"Futura\" or the \"Company\")\n \nInterim Results for the Six Months ended 30 June 2023\n \nFutura Medical plc (AIM: FUM), the pharmaceutical company developing innovative sexual health products, is pleased to announce its unaudited interim results for the six months ended 30 June 2023 (\"H1 2023\").\n \nMED3000, under the brand name Eroxon®, is the first pan-European clinically proven topical treatment for Erectile Dysfunction (\"ED\") available without the need of a doctor's prescription (\"OTC\").\n \nOperational Highlights\n \nMED3000 - Successful product launches and FDA approval\n· EU: Eroxon® launched in April 2023 in Belgium and the UK\no Positive launch sales in the UK and Belgium indicate around 20% market share of clinically proven ED treatments.\no Sales predominantly incremental to existing clinically proven ED treatments highlighting patient demand for Eroxon®'s key product characteristics and supporting the positioning of Eroxon as a new category.\no Positive initial signs of repeat consumer demand.\n· USA: In June 2023, MED3000 was granted marketing authorisation by the FDA to be legally marketed in the USA, the biggest consumer healthcare market globally, as the first effective, clinically proven OTC treatment for ED.\n \nFinancial highlights\n· Initial Revenues generated by sales of Eroxon® of £1.7 million H1 2023 (H1 2022: nil)\n· Net loss of £1.76 million (H1 2022: £2.46 million)\n· Cash position at 30 June 2023: £7.8 million (30 June 2022: £6.68 million)\n· Cash position as at 31 August 2023: £9.36 million which includes $4 million upfront milestone payment from Haleon plc (\"Haleon\").\n \nPost period highlights\n· USA: Futura entered into a ground-breaking licensing agreement in July 2023 with Haleon, the world leading consumer healthcare company, for exclusive rights to commercialise MED3000 in the USA.\no Under the agreement, Futura received an upfront payment of $4 million and will receive royalty payments on all sales, and potentially up to a further $45 million in commercial and performance driven sales milestone payments.\n· &...