Futura Medical’s half-year results turn off investors

AIM-listed drug discovery company Futura Medical (LON:FUM) watched its share price drop by 12.94% to 37p (as of 15:20 BST) as its net loss for the six months ended 30th June more than doubled. The company continued to develop its three major products as it completed patient recruitment for its trial of MED2005.

CEO James Barker commented: “We continue to make good progress in the development and commercialisation of our pipeline of product opportunities. We are pleased to have completed recruitment for the double-blind, clinical efficacy of the first European Phase 3 study of MED2005. Most patients have elected to continue into the open-label, Phase 3, safety stage in which all patients are on the highest dose of MED2005. We look forward to Phase 3 headline data by the end of the year. Engagement with eminent experts in the field of erectile dysfunction continues in both Europe and the US to increase awareness as well as with potential commercial partners in advance of Phase 3 results which remain our key priority to deliver on by the end of 2019“.