Futura Medical
FUM · AIM · Health Care · mcap £2.4m · 0.2p 6 open situations →
- EV
- £1.5m
- EV / EBIT
- –
- Net cash
- £1.2m
- FCF yield
- -235.8%
- Revenue
- £2.3m
- Share price 1y
- −93%
- Insiders 12m
- no deals
- Next report
- around 28 Apr
Open · 6
Possible offer
Follows from Going concern and funding – Fundraise enlarged to £1.8m; vote pendingFollows from Placing of 52% of the market value – announced, closed 13 Dec 2025
A bidder has made a possible offer for Futura Medical.
- 8 Oct 2026 update
- 3 Sep 2026 sale process
Strategic review and turnaround
Follows from Going concern and funding – Fundraise enlarged to £1.8m; vote pending
The review began in August 2025 and concluded in April 2026 with a move to a hybrid model. Haleon was terminated in June 2026 and MPG took over US distribution from 1 September 2026. A Formal Sale Process and M&A Process were launched on 3 Sep 2026. On 8 Oct 2026 the company reported positive interest and began circulating its information memorandum; the non-binding offer date moved from 2 October to about four weeks out. The CFO and company secretarial roles were also changed.
- Dependency
- Fundraise needed to run the processes to conclusion 3 Sep 2026 ↗
- Fallback
- Wind-down or accelerated insolvent sale if no value-maximising transaction looks likely 3 Sep 2026 ↗
- Process
- M&A Process and Formal Sale Process announced 3 September 2026; Present Value Ltd is adviser 8 Oct 2026 ↗
- Status
- Positive level of interest; information memorandum being circulated to interested parties (8 Oct 2026) 8 Oct 2026 ↗
- Offers
- No certainty any offers will be made or any transaction concluded 8 Oct 2026 ↗
- Finance Director/COO
- Angela Hildreth leaves executive roles 13 November 2026; stays as NED during the process 8 Oct 2026 ↗
Next: Non-binding offers expected over about four weeks
- 8 Oct 2026 Information memorandum circulating; offers due later
- 3 Sep 2026 Formal Sale Process launched; funding pending
- 3 Sep 2026 Formal Sale Process launched
- 1 Sep 2026 Hybrid model executing; MPG US start
Eroxon Intense and WSD4000 development
US patent protection to 2040 was allowed in February 2026. Positive WSD4000 Home User Test and sham-controlled results came on 30 Jun 2026, and Eroxon Intense was cleared for EEA and UK launch on 31 Jul 2026. On 7 Oct 2026 an extra 115-man test of the optimised Intense presentation beat the original Intense and Eroxon. Launch is planned for H1 2027; FDA clearance is expected in Q4 2026; the WSD4000 pivotal trial still needs funding.
- FDA clearance
- Expected in Q4 2026 7 Oct 2026 ↗
- Production
- Technical operations commenced to support production in Q1 2027 1 Sep 2026 ↗
- Home User Test
- 223 men aged 18-59 completed; efficacy supports launch decision 1 Sep 2026 ↗
- WSD4000 partners
- Early-stage talks in USA, APAC, EMEA and LATAM; initial interest expressed 1 Sep 2026 ↗
- Latest HUT
- 115 men aged 18-59; optimised Intense presentation; results announced 7 Oct 2026 7 Oct 2026 ↗
- Satisfactory hardness
- 82% of encounters vs 71% original Intense and 70% Eroxon 7 Oct 2026 ↗
Next: FDA clearance for Eroxon Intense expected Q4 2026
- 7 Oct 2026 Optimised Intense HUT positive; H1 2027 launch planned
- 1 Sep 2026 EU cleared; FDA expected Q4 2026
- 31 Jul 2026 Eroxon Intense cleared for EEA and UK launch
- 30 Jun 2026 Home User Test and sham-controlled study positive
Going concern and funding
Led to Placing of 52% of the market value – announced, closed 13 Dec 2025Led to Strategic review and turnaround – Information memorandum circulating; offers due laterLed to Possible offer – sale process
Going-concern risk dates from the November 2025 £2.75m raise. Interims on 1 Sep 2026 showed cash of £1.06m at 31 July and runway to about October 2026. On 3 Sep 2026 a £1.6m fundraise at 0.2p was announced; on 7 Sep 2026 the retail part was upscaled to £200,000, so the total is about £1.8m. It remains conditional on the 23 Sep vote, and the failure fallback of wind-down is unchanged.
- Condition
- Shareholders must pass the Equity Funding Resolutions 7 Sep 2026 ↗
- Fallback
- Orderly wind-down, solvent or insolvent, or accelerated insolvent sale 3 Sep 2026 ↗
- Further need
- About £4m more for the WSD4000 pivotal study 3 Sep 2026 ↗
- Warrants
- Up to 204,875,000 warrants to Turner Pope at 0.2p, replacing existing warrants 3 Sep 2026 ↗
- Retail Offer
- £200,000 for 100,000,000 shares at 0.2p, upscaled from £150,000 7 Sep 2026 ↗
- If vote fails
- Unlikely to complete M&A or Formal Sale Process; no certainty other funding is available 3 Sep 2026 ↗
- 7 Sep 2026 Fundraise enlarged to £1.8m; vote pending
- 3 Sep 2026 Fundraise proposed; vote pending
- 3 Sep 2026 Fundraise proposed; vote pending
- 1 Sep 2026 Material uncertainty; cash £1.06m, runway to October
Eroxon European patent opposition
The EPO Opposition Division issued its written decision on 7 Jul 2026 revoking European Patent EP 3934624B1 for Eroxon, following the oral hearing on 8 May 2026. Futura disagrees and intends to appeal. The patent stays in force during the appeal, which takes 18-24 months or longer. Commercial arrangements are unaffected, as are other patents including the divisional application and WSD4000 filings.
- Forum
- EPO Opposition Division; appeal to the EPO Technical Board of Appeal 7 Jul 2026 ↗
- Decision
- Written decision confirming revocation of EP 3934624B1, issued 7 Jul 2026 after the hearing of 8 May 2026 7 Jul 2026 ↗
- Appeal duration
- Typically 18 to 24 months, or longer, per legal advice 7 Jul 2026 ↗
- Status meanwhile
- Patent protection remains in force while the appeal is pending 7 Jul 2026 ↗
- Not affected
- Commercial arrangements, other patents, European divisional application, WSD4000 filings 7 Jul 2026 ↗
Next: Appeal to EPO Technical Board of Appeal
- 7 Jul 2026 Revoked by Opposition Division; appeal intended
Lombard Odier Asset Management (Europe) Limited selling down
Next: 4.98% still held
- 22 May 2026 4.98%
- 20 Feb 2026 9.84%
- 13 Jan 2026 11.87%
- 13 Jan 2026 10.96%
Closed · 6
Company filings. Not investment advice.