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Futura Medical

  • BY: Andrew Hore |
  • POSTED: 12/11/2009 |

Futura Medical is raising £1.46m via a placing at 30p a share.

There was £965,000 in the bank at the end of June 2009. That was after a cash outflow of £736,000 during the first half of 2009. Money would be getting tight without this additional cash injection from new and existing investors.

The share price continues to fall following the announcement of the delay in the launch of the CSD500 condom which helps men to maintain a firm erection. They fell 2p to 34.5p each, which values Futura at £21.6m.

The additional cash will help to support the business while CSD500 gets regulatory approval. The CE Mark will not be gained until the first quarter of 2010. The product could then be launched later in 2010.

The cash will also help to finance development projects and place the company in a stronger position when it is negotiating with potential product licensees.

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