15 April 2021 - Deborah Wilkes
Futura Medical has reported its annual results, and Alliance Pharma is losing a non-executive director.
Futura Medical reports results
Futura Medical reported a net loss of GBP2.41 million (USD3.32 million) in 2020, compared with a net loss of GBP8.92 million the previous year.
The UK-based product development company, which reported no revenue in 2020, said it continued to “accelerate progress towards achieving a significant, continuous revenue stream within a few years”.
Futura added that it was focusing its “financial and human resources on late-stage clinical development of its fast-acting topical treatment for erectile dysfunction”.
Chairman John Clarke said Futura had been “resolutely focused” on gaining approval for its MED3000 medical device for erectile-dysfunction in Europe and the US.
The company recently announced that MED3000 had moved a step closer to launching as a non-prescription product in the European Union (click here to read the News story).
Futura said it continued to progress marketing approval for MED3000 in the US for use as a non-prescription product.
The company also recently announced a collaboration with private-equity firm Co-High Investment Management to commercialise MED3000 in China and South-East Asia (click here to read the News story).
Futura said it had cash resources of GBP1.02 million at 31 December 2020.
The company noted that "cash burn" during the year had been GBP6.77 million, primarily in relation to the concluding FM57 clinical study and regulatory and manufacturing activities associated with MED3000.
Alliance Pharma loses non-executive director
Alliance Pharma has announced that Nigel Clifford is stepping down as a non-executive director on 30 April 2021 after serving for six years.
The UK-based company said the recruitment process to appoint a replacement was underway.
Clifford was appointed deputy chair of the UK government’s Geospatial Commission in December 2018 and is an operating partner with Marlin Operations Group.