Futura Medical: FY21 is set to be a year of execution
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.Futura Medical is engaged in the research and development of pharmaceutical drugs and medical devices and their commercial exploitation. Co. focuses on developing products primarily for the consumer healthcare market. Co.'s focus is on sexual healthcare and pain relief. DermaSys® is Co.'s transdermal technology platform, for the absorption of active molecules through the skin. DermaSys® includes MED2002, a topical gel for the treatment of erectile dysfunction; TPR100, a topical diclofenac pain relief gel; TIB200, a topical ibuprofen pain relief gel; and SPR300, a topical methyl salicylate pain relief gel.
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