Futura Medical has conditionally raised approximately £1.6 million through a placing and subscription while launching a formal sale process under the Takeover Code, opening the door to a potential sale of the company or its assets.
The AIM-listed group, developer of the erectile dysfunction treatment Eroxon and the female sexual health platform WSD4000, issued 801 million new shares at 0.2p, a discount of approximately 37.6% to the previous closing price of 0.32p. A further retail offer via the BookBuild platform aims to raise up to £150,000, and the new shares will represent approximately 60.1% of the enlarged share capital.
The board said its current market valuation fails to reflect the strategic value of its pipeline, pointing to WSD4000's estimated peak annual consumer sales potential of over $400 million, against more than $250 million for Eroxon and Eroxon Intense combined.
Proceeds will extend the company's cash runway into February 2027, fund the sale process, and support commercial development across its three lead products.
Specialist adviser Present Value has been appointed alongside Nominated Adviser Panmure Liberum to run the process, which covers potential asset sales, licensing arrangements or a sale of the whole company.
Shareholders will vote on the fundraising resolutions at a general meeting on 23 September, with conditional shares expected to begin trading on or around 25 September.
