Futura Medical raised the full £1.5m it was seeking via PrimaryBid.
This takes the cash raised at 8p a share, a 26% discount to the market price, to £3.25m. The sexual health and pain relief treatments developer wants to pursue medical device regulatory approval for the DermaSys treatment for erectile dysfunction. DermaSys was shown to work without the active agreement by a phase III trial. It could be used in combination with other treatments.
New patents have been filed and they will extend the patent life of DermaSys to 2039. DermaSys is a clear odourless gel that targets delivery.
A pre-submission meeting with the FDA could happen in the first quarter of 2020. This will determine if other studies are required.
Lombard Odier has increased its stake in Futura from 12.5% to 19.3%. It also has 20.3 million options exercisable at 40p each.
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