REG - Futura Medical PLC - Board Changes, Business Update & Notice of Results

Futura MedicalAnnouncement

08/08/2025 07:00

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RNS Number : 5061U  Futura Medical PLC  08 August 2025

8 August 2025

 

Futura Medical plc

("Futura" or the "Group")

 

Board Changes, Business Update and Notice of Interim Results

 

Futura Medical plc (AIM: FUM), is pleased to announce that, further to the
Board Changes announced on 8 July 2025, Alex Duggan has been appointed to the
Board of Directors as interim Chief Executive Officer. This follows the
completion of all required due diligence and regulatory checks. Alex brings
over 25 years of leadership experience in the Consumer Healthcare and
Prescription (Rx) sectors. He has a proven track record of driving business
transformation through M&A, operations and organic growth across global
markets.

 

The Group also announces that Angela Hildreth has notified the Board of her
intention to step down as Finance Director and Chief Operating Officer. Angela
will remain in her role and as a Director of the Company during her six-month
notice period, continuing to support the Group and overseeing an orderly
handover of responsibilities once a successor has been appointed. The Board
would like to thank Angela for her significant contribution and commitment to
the business throughout her tenure.

 

Business Update

 

As a new product in a new category, Eroxon sales performance remains
unpredictable and sales trends (including the impact of previous channel fill)
remain challenging to identify and predict. The momentum of sales of Eroxon
continues to be slower than originally anticipated, with varying degrees of
traction across different territories.

 

Reflecting on this slower momentum, alongside the challenges and learnings
from Eroxon's initial product launches, the Board, led by Alex Duggan, is
conducting a thorough review of the current business and its commercial plans.
This includes, but is not limited to, the Company's sales and marketing
strategies for Eroxon as well as the costs associated with the business and
other possible strategic options available to the Group.

 

The Board anticipates that it will be able to provide an initial update on its
review of the business and strategy at the time of its interim results, which
are currently expected to be published in late September.

 

Andrew Unitt, Senior Independent Director, commented:

 

"We are pleased to formally welcome Alex to the Board. His experience and
decisive leadership will undoubtably prove instrumental at this phase of the
Group's development.

 

We are grateful to Angela for her many years of dedicated service to the
Company, during which she oversaw a period of significant development. We wish
her all the best in her next chapter."

 

Alex Duggan, CEO of Futura, commented:

 

"I am pleased to join the Board and to step into the interim CEO role at this
pivotal juncture for the Group. I will be working closely with the Board and
the wider team in my review of the business, its priorities, and its strategic
options over the period ahead. Our priority is to deliver a clear strategy
that will maximise value for shareholders, commercial partners and employees."

 

In accordance with Schedule 2 paragraph (g) of the AIM Rules for Companies,
Alexander James Hanbury Duggan (aged 54 years) holds/has held the following
directorships/partnerships in the last five years:

 

 Current                   Past 5 years
 Cryotag Limited           Maelor Laboratories Limited
 Appia Healthcare Limited  Alliance Pharmaceuticals Limited
 AMD Consulting Limited    Proprietary Association of Great Britain
                           Opus Healthcare Limited
                           Alliance Pharma (Ireland) Limited
                           Alliance Pharmaceuticals SAS
                           Alliance Pharma France SAS
                           Alliance Pharmaceuticals GMBH
                           Alliance Pharma Srl
                           Alliance Pharmaceuticals Spain SL
                           Advanced Bio-Technologies, Inc
                           Alliance Pharma Inc
                           Alliance Pharmaceuticals (Asia) Ltd
                           Synthasia International Company Ltd
                           Alliance Pharma (Singapore) Pte Ltd
                           Alliance Pharmaceuticals (Thailand) Co., Ltd
                           Alliance Pharmaceuticals (Philippines) Corp
                           Alliance CHC (India) Pte Ltd

 

Alexander Duggan was a Director of The Paradigm Organisation Ltd, appointed on
26 June 1996. Following a court order to wind up the business on 21 October
1997, Alexander Duggan resigned as a Director on 24 October 1997 and the
Company dissolved on 10 April 2000.

 

There are no further disclosures to be made pursuant to Schedule 2 paragraph
(g) of the AIM Rules for Companies.

 

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

Contacts:

 

 Futura Medical plc             Alex Duggan                                             investor.relations@futuramedical.com

                                                       (mailto:Investor.relations@futuramedical.com)
                                Interim Chief Executive Officer

                                                       +44 (0)1483 685 670

                                                                                      www.futuramedical.com (http://www.futuramedical.com/)

 Panmure Liberum                Emma Earl, Will Goode, Mark Rogers (Corporate Finance)  +44 (0)20 3100 2000

 Nominated Adviser              Rupert Dearden (Corporate Broking)

 and Broker

 Alma Strategic Communications  Rebecca Sanders-Hewett                                  +44 (0)20 3405 0205

                                Sam Modlin                                              futura@almastrategic.com

                                Emma Thompson

Notes to Editors:

 

Futura Medical plc (AIM: FUM) is the developer of innovative sexual health
products, including lead product Eroxon(®) and products WSD4000 and
Eroxon(®) Intense. Our core strength lies in our research, development and
commercialisation of topically delivered gel formulations in sexual health
products.

 

Sexual health issues are prevalent in both men and women. ED impacts 1 in 5
men globally across all adult age brackets, with approximately half of all men
over 40 experiencing ED and 25% of all new diagnoses being in men under 40.
Around 60% of women experience at least one symptom of sexual dysfunction, and
only one in four women seek professional help, and remain chronically
underserved.

 

Eroxon(®), Futura's clinically proven lead product, has been developed for
the treatment of Erectile Dysfunction ("ED"). The highly differentiated
product, which is the only topical gel treatment for ED available over the
counter and helps men get an erection in ten minutes, addresses significant
unmet needs in the ED market. Eroxon(®) has been nominated for a number of
healthcare industry awards and has won two to-date.

 

Futura has distribution partners in place in a number of major consumer
markets including Haleon in the US, the largest market for ED in the world,
and Cooper Consumer Health in Europe.

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