Futura Medical (LON: FUM), the Guildford-based consumer healthcare company behind the Eroxon erectile dysfunction gel, said today that finance director and chief operating officer Angela Hildreth will step down on the 13th of November. It also said offers in its sale process are now expected over about four more weeks.
The shares last closed at 0.22p yesterday, against about 3.3p in early October 2025 and a 52-week low of 0.18p. The update was released at 7am, before AIM opened, so that close does not reflect it and no move today is established.
Hildreth leaves to pursue other opportunities, the company said, and will stay on as a non-executive director. Maddy Kennedy joins as interim chief financial officer on Monday, on a consultancy basis through MadJak Associates, trading as CFO4Growth. She has more than 30 years’ experience, including as CFO of Lab21 and finance director of Alliance Pharma. ESGovernance Ltd takes over company secretarial duties.
Chair Andrew Unitt described the thinking behind the appointments:
The appointments of Maddy and ESGovernance provide Futura with experienced and flexible specialist finance and governance support appropriate to the Company’s current requirements.
Andrew Unitt, Chair, Futura Medical
The board launched a formal sale process, in which it invites offers for the company, on the 3rd of September, alongside a £1.6m placing at 0.2p, according to the company. Yesterday’s close of 0.22p was 10% above that placing price.
A first round of non-binding bids, which commit the bidder to nothing, was due on the 2nd of October. The company now says a positive level of interest has led it to circulate an information memorandum, the document describing the business, to a number of interested parties. Panmure Liberum is nominated adviser and joint broker, and Present Value is M&A adviser.
The statement named no bidder, price or number of parties. Futura cautioned that there can be no certainty any offers will be made as a result of the sale process, so a deal is possible but not assured.
The company said on the 3rd of September that cash is funded into February 2027. The board said it remains focused on progressing the processes to preserve and realise value for shareholders and will provide further updates as appropriate.
