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Something for the weekend? Futura Medical (FUM)

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BobGe
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Something for the weekend? Futura Medical (FUM)

#397466

Postby BobGe » March 20th, 2021, 5:03 pm

Not, perhaps, a 'share idea' in the usual sense but I see that Futura Medical hasn't featured on TLF so I thought it may offer 'something for the weekend'.

Futura, having failed at pretty much everything it's been involved with, was trialing a medication for erectile disfunction (ED), a rub on gel containing a nitroglycerin substance. (Like that used in their demised Blue Diamond condoms idea.) The trial failed as the results indicated that a pretty much similar effect was obtained using the gel without that active ingredient as with. In what seemed to be a bit of a face saving exercise they then decided to promote the miracle effect of the base gel on the grounds that rubbing something on the member, rather than nothing, was beneficial. This was attributed to the initial evaporative cooling effect. The base gel contains alcohol, apparently, much like that which many will have been rubbing on thier hands in recent times. So Futura decided to attempt to market this gel (now known as MED3000) as a Class II medical device, applying to the FDA in the US and to the EMA in the EU. The FDA suggested that they would like more proof, a small 6m trial against Cialis. Futura had no money for this, or much else. It has not been reported that the EMA has asked for more proof. Then this happens, which I won't attempt to precis:

4th March 2021 - https://www.investegate.co.uk/futura-me ... 00081014R/
(The counterparties all appear to be in common control.)

19th March 2021
https://www.investegate.co.uk/futura-me ... 00037879S/

I'll leave you to look at the FUM chart and, if you dare, the boards in the usual places. (I'll not mention Twitter or the tabloids!)
Note that Futura has an OTC listing across the pond.


Further reading:
Link to the detail of the last fundraise following the failed trial:
https://www.investegate.co.uk/futura-me ... 30067183X/

And, as if you might not have guessed:
https://www.investegate.co.uk/futura-me ... 00029846U/


(Disclosure: Interested bystander only.)

BobGe
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Re: Something for the weekend? Futura Medical (FUM)

#398102

Postby BobGe » March 22nd, 2021, 9:00 pm

Just to keep the subject matter up to date, the company (or their comms agent) chose to give matters an additional little shove this morning:
https://www.investegate.co.uk/futura-me ... 00089463S/

This relates to the additional trial required by the FDA. IIRC, it's suggested it may cost 4m. Cash was originally due to run thin by the end of Q1 2021. The, err, unusual deal with 'the Chinese' raised 1.5m (or 2m with exercise of the 22p warrants). Not really enough. But Lombard Odier are holding a lot (10,937,500) of 40p warrants under the terms of the last raise, which comes to just over the 4m if exercised. Which would be convenient.

Last year Futura presented their 2019 full year accounts on the 1st of April. They haven't yet announced if they will choose the same for this year.

BobGe
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Re: Something for the weekend? Futura Medical (FUM)

#400996

Postby BobGe » April 2nd, 2021, 3:07 am

RNS 30th March. "...will announce its preliminary results for the year ended 31 December 2020 on Wednesday, 14 April 2021."

RNS 1st April, at 16:20. "...announces that it has received a warrant exercise notice from HT Riverwood Multi-Growth Fund ("Riverwood"), a fund managed by Atlantis Investment Management Limited ("Atlantis") in respect of 2,272,727 new ordinary shares of 0.2 pence in the Company ("New Ordinary Shares"), with an exercise price of 22 pence per share. Proceeds of £500,000 have been received by the Company in respect of the warrant exercise."

Hardly a surprise. Stock will have been pre-sold, of course. Next the conversion of the £1.5m Riverwood notes @ 20p?
Eyes will be on Lombard Odier in the longer term.

BobGe
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Re: Something for the weekend? Futura Medical (FUM)

#415434

Postby BobGe » May 27th, 2021, 2:31 am

Update.
Riverwood £1.5m notes conversion occured resulting in 7,500,000 new ordinary shares at a conversion price of 20 pence per Ordinary Share. Admission on or about 21 April 2021.

30 April 2021 announcement. Futura Medical Receives Approval from EU Notified Body for MED3000. (CE mark.) The is not an approval of function or efficacy. Apparently it was granted on the basis of 'mechanical stimulation' use.

14 May 2021 announcement. Proposed Placing to raise £10 million and £2m Retail Offer @ 40p/sh. Currently expected New Ordinary Shares admmited and dealings commence on 3 June 2021. Lombard Odier agreed to subscribe for 6,300,000 Placing Shares giving then a holding of 20.4% following admission. LO has an interest in a further 1,521,053 Ordinary Shares by way of CFD.

The raise will enable them to fund the FDA approval trial. From comment from the CEO in a video interview following the raise, it would seem Futura are proposing to produce MED3000 themselves (using a sub-contractor to manufacture). That'll be interesting.


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