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(Alliance News) - Futura Medical PLC said Friday it plans to raise GBP3.3 million from a share subscription backed by its biggest shareholder.
Futura is a pharmaceutical company focused on sexual health, with its DermaSys product offered as a treatment for erectile dysfunction.
Futura said its largest shareholder Lombard Odier will subscribe for 21.9 million shares at 8 pence apiece. Futura will offer another 18.8 million shares at the same price via PrimaryBid, with Lombard Odier promising to take up any leftover shares.
The Swiss private bank also will receive up to 20.3 million warrants to buy more new shares at 40p. Lombard Odier currently holds a 16% stake in Futura, according to Morningstar.
The stock closed down 16% on Friday at the subscription price of 9.00p.
Last week, shares in Futura Medical more than halved in value to 13.50p on news its phase 3 study of lead product MED2005 failed to meet its primary endpoint.
The trial, FM57, investigated the efficacy and safety of MED2005 in 1,000 patients with mild, moderate and severe erectile dysfunction. The drug was given at three different doses of active ingredient glyceryl trinitrate, 0.2%, 0.4%, and 0.6%.
In the trial, both the placebo group and those taking MED2005 used Futura's transdermal DermaSys formulation, which delivers the drug through the skin.
While the three primary co-endpoints were achieved against baseline data for MED2005 and DermaSys, the placebo group with just DermaSys also achieved statistically significant and clinically meaningful top-line results - meaning the patients taking the actual MED2005 drug did not beat the placebo.
By Tom Waite; thomaslwaite@alliancenews.com
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