Futura Medical (AIM:FUM), the AIM-listed consumer healthcare group behind the Eroxon erectile dysfunction gel, told investors that Angela Hildreth will step down as Finance Director and Chief Operating Officer on 13 November to pursue other opportunities.
Hildreth will stay on the board as a non-executive director for the duration of the company's ongoing M&A process and formal sale process, giving the company continued access to her knowledge of the business, it added.
Futura has named Madelein "Maddy" Kennedy as its nterim chief financial officer on a consultancy basis through MadJak Associates, trading as CFO4Growth, starting 12 October.
Kennedy has more than 30 years of finance experience across life sciences, healthcare and AIM-quoted companies, including a stint as Finance Director of Alliance Pharma, where she worked on acquisitions and the company's AIM flotation and subsequent fundraisings. Also, she currently sits as a non-executive director and audit committee member at AIM-listed Nuformix plc.
Futura said it has also brought in ESGovernance to provide outsourced company secretarial and governance support during the transition.
On the sale process itself, Futura noted interest has been strong enough since the process was announced on 3 September that it has now begun circulating a detailed information memorandum to a number of interested parties.
The company originally set 2 October as the deadline for non-binding offers, but the board now expects to invite offers over approximately the coming four weeks, with timing still subject to progress and engagement with interested parties.
Futura noted that there is no certainty any offers will be made, or that any sale or other transaction will be concluded.
The process could result in an asset sale, a licensing arrangement or a sale of the whole company, it added.
"The board remains focused on progressing these processes in a manner designed to preserve and realise value for shareholders and will provide further updates as appropriate," said Andrew Unitt, Futura's chair.