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Futura Medical PLC said on Wednesday its annual loss widened as it focused on the commercialisation of its new MED3000 product.
The Surrey, England-based sexual health-focused pharmaceutical company said its 2022 pretax loss widened to £6.9 million from £5.8 million the year before. This attributed to administrative cost increases of 29% to £2.7 million from £2.1 million in 2021.
Futura Medical said these costs supported the commercialisation and manufacture of its new product MED3000.
Futura Medical did not recognise a revenue for the financial year, unchanged from 2021. The company did not declare a dividend for 2022, unchanged from last year.
MED3000 is a gel developed by Futura Medical used to treat erectile dysfunction.
MED3000 was recently launched under the brand name Erexon in Europe. Looking ahead, Futura Medical said it is focused on gaining marketing authorisation in the US for the product, and will continue to focus on its global distribution.
Shares were down 1.6% at 44.27 pence in London on Wednesday afternoon.
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