Futura Medical
Guildford, United Kingdom

Futura Medical is a R&D-driven small pharma with a novel proprietary transdermal delivery system, DermaSys, and a lead programme, MED3000, in development for erectile dysfunction.

www.futuramedical.com

Investment Perspective

Futura Medical reported FY20 results in line with expectations, with net loss reduced from £8.9m to £2.4m. Net cash of £1.0m, coupled with £2.0m received in connection with the China and Far East MED3000 collaboration agreement and a £0.5m R&D tax credit, provides a cash runway that extends to Q122. The major events centre on MED3000’s progress along the respective regulatory paths in Europe and the US, with CE Marking expected by end-May. The FDA’s requirement is confirmed as a small study, FM71, involving 100 patients over six months. FY21 should see several commercialisation agreements established, notably in Latin America, Middle East, and Europe. Updating our model generates a valuation of £190.3m, equivalent to 76.6p (74.4p fully diluted) vs £181.5m and 73.1p (71.3p fully diluted) previously.

Market information

SymbolPrimary exchanges
FUMAIM London

Research

Raising £12m through £10m placing and £2m retail offer
Lighthouse | 17 May 2021
MED3000 receives CE Mark as a Class II(b) device
Lighthouse | 30 Apr 2021
FY21 is set to be a year of execution
Update | 14 Apr 2021

Recent News

MED3000 FDA regulatory and commercial update
19 Jul 2021
Result of placing and retail offer
17 May 2021
Proposed placing to raise £10 million and retail offer
14 May 2021
Receipt of MED3000 approval from EU Notified Body
30 Apr 2021