8 October 2021 - Deborah Wilkes
- Futura appoints Jeff Needham as non-executive director
- Needham is former president of Perrigo’s Americas business
- Futura reported net loss of GBP1.59 million in first half of 2021
Futura Medical has appointed Jeff Needham – former executive vice president and president of Consumer Self-Care Americas (CSCA) at Perrigo – to its board as a non-executive director.
Needham spent 36 years at Perrigo as well as 12 years on the board of the US Consumer Healthcare Products Association (CHPA). His retirement from Perrigo was announced in early 2020 (click here to read the News story).
As president of Perrigo’s CSCA business, Needham was responsible for the company’s OTC medicines, nutritionals and oral-care products in Canada, Mexico and the US.
James Barder, Futura’s chief executive officer, described Needham as a “seasoned and highly-respected industry leader”. “His unparalleled management, strategic and corporate expertise – especially in Consumer Health, OTC and the US – underscores our ambition and focus on building a global brand to deliver MED3000, our breakthrough treatment for erectile dysfunction, to sufferers as a therapy option without the need for a doctor's prescription,” commented Barder.
Recent progress with MED3000
Barder said Futura was preparing for the first launches of its MED3000 topical erectile-dysfunction product during 2022.
MED3000 was certified as a Class IIb medical device in the European Union in April 2021 (click here to read the News story).
In the US, Futura is targeting regulatory submission by the end of the third quarter of 2022.
The UK-based product development company recently announced that it had licensed MED3000 to Labatec Pharma in the Gulf region as well as Iraq, Jordan and Lebanon (click here to read the News story).
The exclusive agreement with Swiss pharmaceutical company Labatec is Futura’s third collaboration for MED3000.
Futura announced in September 2021 that it had entered into an exclusive licensing agreement with US-based m8 Pharmaceuticals to develop and commercialise MED3000 as a non-prescription product in Brazil and Mexico (click here to read the News story).
Futura’s first collaboration for MED3000 was revealed in April 2021. The company said it was working with private-equity firm Co-High Investment Management to commercialise MED3000 in China and South-East Asia (click here to read the News story).
Financial results released
In the first half of 2021, Futura reported a net loss of GBP1.59 million (USD2.17 million), compared with a net loss of GBP1.06 million in the same period a year earlier. The company reported no revenue in the first half of 2021.
Following a GBP12 million fundraising initiative in May 2021, the company had cash resources of GBP12.8 million on 30 June 2021.
Futura said its current cash runway extended beyond the expected initial MED3000 launches in 2022 and expected US regulatory approval.
The company is developing products based on its DermaSys transdermal drug delivery technology. It focuses on products for sexual health and pain relief.