AstraZeneca dominated the pharma news flow with a trio of pipeline advances spanning breast cancer, lung cancer and a completed licensing deal, while smaller UK-listed healthcare names delivered a mixed set of half-year results and funding announcements. Futura Medical's first-half figures headlined the small-cap corner, with a settlement-flattered revenue line masking a tightening cash position, even as Renalytix and Novacyt struck partnerships aimed at extending their commercial reach.
Futura Medical narrows loss but flags October cash crunch
Futura Medical (AIM:FUM), developer of erectile dysfunction gel Eroxon and a range of female sexual health products, reported revenue of £1.62 million for the six months to 30 June, up from £1.00 million a year earlier. The improvement follows the conclusion of its commercial relationship with Haleon, a partnership that ends this month and is being replaced by a new US commercial tie-up with Market Performance Group from 1 September. Shares fell 15.526% to 0.321p as investors focused less on the improved headline numbers and more on the company's shrinking cash runway.
The bulk of the revenue increase came from a £1.40 million settlement payment tied to the Haleon exit, leaving underlying revenue of just £0.21 million, mostly US royalty income on Eroxon sales. Gross profit rose to £1.62 million from £0.24 million, and the operating loss narrowed sharply to £1.20 million from £6.72 million, though last year's figure included £4.05 million of exceptional costs; stripped of those, the prior-year loss was £2.67 million. Administrative expenses before exceptionals fell 17% to £2.19 million as cost-cutting continued, while cash dropped to £1.24 million at period end from £3.69 million a year earlier, with an unaudited balance of just £1.06 million at 31 July.
"a clear route to rebuilding momentum in one of the world's largest erectile dysfunction markets," said Alex Duggan, chief executive of Futura Medical.
The company said existing resources should fund operations only until approximately October, and it is pursuing funding initiatives and broader strategic options to shore up its balance sheet. That timeline makes the improved loss figures largely academic for now: with underlying revenue still a fraction of the cost base and cash halved year-on-year, the real test for Futura is whether the Market Performance Group transition can generate commercial traction fast enough to outrun the need for dilutive or distressed financing before the runway runs out.
Enhertu cleared in EU for first-line HER2-positive breast cancer
AstraZeneca (LSE:AZN) secured European Commission approval for Enhertu, its antibody-drug conjugate developed with Daiichi Sankyo, in combination with pertuzumab for first-line treatment of adults with unresectable or metastatic HER2-positive breast cancer. Shares were little changed at 11968.0p, down 0.017%, as the market had largely priced in the trial data underpinning the decision.
The approval rests on the DESTINY-Breast09 Phase III trial, which showed the Enhertu-pertuzumab combination cut the risk of disease progression or death by 44% against the existing standard of care, a taxane, trastuzumab and pertuzumab regimen. Median progression-free survival reached 40.7 months on the new combination versus 26.9 months on the standard regimen. "The combination of trastuzumab deruxtecan and pertuzumab represents a significant therapeutic advance," said Cristina Saura of Vall d'Hebron University Hospital, a trial investigator, adding that progression-free survival now exceeds three years against roughly two years under current standard care.
The gap in progression-free survival is wide enough to reshape frontline treatment protocols across the EU, reinforcing Enhertu's position as one of AstraZeneca's most important oncology franchises alongside its expanding indication list. Approval also triggers a $100 million milestone payment structure tied to the Daiichi Sankyo collaboration, adding to the drug's growing contribution to group revenue.
AstraZeneca completes $1.5 billion lung cancer licence with Dizal
AstraZeneca (LSE:AZN) completed its previously announced exclusive licence agreement with Dizal Pharmaceutical, taking worldwide rights to develop and commercialise Zegfrovy (sunvozertinib), an oral irreversible EGFR inhibitor for non-small cell lung cancer, which accounts for 80-85% of all lung cancer cases. Shares held steady at 11968.0p, down 0.017%.
AstraZeneca will pay Dizal $600 million upfront plus up to $900 million in development, regulatory and sales milestones, alongside tiered royalties on global sales. Zegfrovy is already approved in the US and China for patients with EGFR exon 20 insertion mutation-positive disease that has progressed after platinum-based chemotherapy, and a first-line supplemental application is under FDA review, backed by Phase III data from the WU-KONG28 trial. The company confirmed the deal does not affect its 2026 financial guidance.
The transaction deepens AstraZeneca's lung cancer portfolio at a moment when EGFR-targeted therapies are becoming increasingly crowded, giving the group a second late-stage asset alongside Tagrisso to defend its share of the NSCLC market as first-line indications expand.
Wellnex Life narrows loss as turnaround programme bites
Wellnex Life (AIM:WNX), the consumer healthcare and contract manufacturing group, cut its net loss by 70.8% to A$4.5 million in the year to 30 June, down from A$15.6 million in FY25, with shares trading at 5.5p. Revenue rose 5.1% to A$24.8 million, driven primarily by the company's owned brands, while gross margin improved to 30.2% from 29%.
The EBITDA loss narrowed sharply from roughly A$12.1 million to A$1.7 million, reflecting a strategic turnaround programme launched during the year that targeted a leaner operating model and more than A$1 million in annualised cost savings. "The financial results demonstrate that the actions taken during the year to simplify the business, improve operating discipline and reduce the Company's cost base are beginning to deliver tangible results," said Eric Jiang, Interim Executive Chair.
The progress comes with a caveat: net assets fell 33.7% to A$7.5 million from A$11.2 million, and auditors have flagged a material uncertainty over going concern. The turnaround narrative is credible on the numbers, but the shrinking equity base means Wellnex still needs sustained trading momentum, not just cost discipline, to put the going-concern question to rest.
Novacyt strikes five-year tie-up with Illumina
Novacyt (NCYT) has entered a five-year Master Collaboration Agreement with Illumina to explore future product development and commercial partnerships, with shares rising 5.882% to 45.0p on the news.
The framework agreement gives Novacyt a structured route to co-develop diagnostic offerings alongside one of the sequencing industry's largest players, positioning the diagnostics group to broaden its product pipeline beyond its existing molecular testing base without committing to a single near-term product launch.
Renalytix widens kidney test access via Quest Diagnostics
Renalytix (RENX) has agreed a multi-year US distribution deal with Quest Diagnostics to expand access to its kidneyintelX.dkd blood test, with shares at 4.15p. Quest holds an option to in-license the technology once agreed commercial milestones are met.
The arrangement gives Renalytix a much larger distribution footprint through Quest's national laboratory network, a route that could materially accelerate test adoption if the milestone-linked option is eventually exercised.
Renalytix raises £9.5 million to back Quest rollout
Renalytix (RENX) is issuing shares at a steep premium to raise £9.5 million, funding the rollout of its new US testing partnership with Quest Diagnostics, with the stock trading at 4.15p.
The raise also wipes out the company's Heights Capital debt through conversion to equity, clearing a legacy liability from the balance sheet as Renalytix leans into the commercial phase of the Quest collaboration.
GSK's mRNA flu shot advances to Phase III
GSK (GSK) will begin Phase III trials in September for its mRNA flu vaccine, after Phase II data showed stronger immune responses than existing licensed shots, with shares up 0.917% to 1870.5p.
A successful late-stage programme would give GSK a next-generation flu franchise built on mRNA technology, competing directly with established seasonal vaccines and reinforcing the group's broader push into mRNA-based respiratory disease prevention.
Tagrisso-Orpathys combination hits trial goal in lung cancer
AstraZeneca (AZN) reported that its Phase III SANOVO trial met its primary endpoint, with Tagrisso plus Orpathys significantly improving progression-free survival in treatment-naïve, MET-overexpressing EGFR-mutated lung cancer patients. Shares traded at 11968.0p, down 0.017%.
The result extends the Tagrisso-Orpathys combination's reach into first-line treatment, adding a further data point to AstraZeneca's broadening lung cancer franchise on the same day the group completed its Zegfrovy licensing deal with Dizal.
Ondine's nasal therapy clears Phase 3 infection trial
Ondine Biomedical (OBI) said its LANTERN trial hit its primary endpoint, with nasal photodisinfection therapy cutting surgical site infections by an estimated 40% when added to standard care. Shares rose 3.404% to 12.15p.
The result clears the path toward FDA engagement, giving Ondine a pivotal data package to support regulatory discussions for a therapy aimed at reducing one of the most persistent complications in surgical care.
