Futura Medical (LSE:FUM) has completed an oversubscribed fundraise of £2.75 million through a firm placing and subscription of new ordinary shares. The additional capital will help support the company’s ongoing strategic review and accelerate development work on Eroxon® Intense and WSD4000, while also reinforcing its working capital position. Alongside the funding announcement, Futura confirmed several board changes, including the appointment of Alex Duggan as its permanent CEO. The raise comes at a critical time for the business, which has been contending with slower-than-expected sales and constrained cash resources. Management has cautioned that failure to pass the fundraising resolutions could pose a material risk to the company’s solvency.
More about Futura Medical
Futura Medical is a consumer healthcare company focused on the development and global commercialisation of clinically validated sexual health products. Its flagship brand is Eroxon®, and the company is working to expand its portfolio with new innovations such as Eroxon® Intense and WSD4000.
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