Year-end Trading Update
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For immediate release |
14 February 2011 |
Futura Medical plc
("Futura" or "the Company")
2010 Year-End Trading Update
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for consumer healthcare, is pleased to announce an update for the year ended 31 December 2010. During the year, the Company made significant progress across its product portfolio.
As announced on 18 January 2011, Futura is currently assisting its commercial partner, Reckitt Benckiser, to address minor points raised by the Notified Body ahead of the CE mark award for CSD500, the novel condom to help healthy men maintain a firm erection.
Significant progress was made during 2010 in the Company's commercial discussions particularly with TPR100 and PET500. On 30 June 2010, Futura announced a development agreement with GlaxoSmithKline Consumer Healthcare for TPR100, its topically applied pain relief product based on the Company's proprietary drug delivery system, DermaSys®.
Commercial discussions during the latter part of 2010 regarding PET500, Futura's product for enhanced sexual control, culminated in the announcement on 7 February 2011 of an exclusive worldwide agreement with Ansell Limited (ASX: ANN) for the commercialisation of the product, which uses the DermaSys® AquaFree system.
In addition, the Company continued to progress other pipeline products and to evaluate other potential product opportunities.
The Company's revenues in the year to 31 December 2010, which comprised payments from commercial partners, increased to £125,000 (2009: £50,000) and the pre-tax loss decreased to £1,317,000 from £1,512,000 in 2009. The net loss decreased to £1,091,000, from a loss of £1,393,000 in 2009. Cash and cash equivalents at 31 December 2010 were approximately £1 million. The revenue, profit and cash figures for the 2010 financial year are unaudited.
Futura will issue its audited preliminary results for the year to 31 December 2010 during March.
James Barder, Futura's Chief Executive, said: "Futura took important steps during 2010 towards achieving its objective of becoming a profitable company. We look forward to the launch of two revenue-generating products in the foreseeable future."
For any further information please contact:
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Futura Medical plc |
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James Barder, Chief Executive |
Tel: +44 (0) 1483 685 670 |
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mail to: james.barder@futuramedical.com |
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Nomura Code Securities Limited |
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Phil Walker / Giles Balleny |
Tel:+44 (0)20 7776 1200 |
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For media enquiries please contact: |
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Buchanan Communications |
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Mark Court / Jessica Fontaine |
Tel: +44 (0) 20 7466 5000 |
Notes to Editors
Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for consumer healthcare. The Company is developing a portfolio of products and its strategy is to license their manufacture and distribution to major pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange.
This information is provided by RNS