Futura Medical (LON: FUM), the AIM-listed sexual health company behind the Eroxon erectile dysfunction gel, saw its shares fall sharply earlier today after announcing a heavily discounted fundraise alongside the launch of a formal sale process under the UK Takeover Code.
Shares fell 15.15% to 0.28p in early trading, down from a previous close of 0.33p, and well below their 52-week high of 10.45p. The stock has also traded close to its 52-week low of 0.244p.
Futura had previously guided that its cash runway extended only into October 2026; the fundraise, a conditional placing and subscription of 801,000,000 new shares at 0.2p each — a 37.6% discount to Wednesday’s close, raising roughly £1.6m plus up to £150,000 from a retail offer — is intended to extend that runway into February 2027. In the same announcement, the board launched an M&A Process and a Formal Sale Process under Rule 2.6 of the Takeover Code. Panmure Liberum and Present Value have been appointed to run the process, with Turner Pope Investments placing the fundraise. Futura has not received any approach from a potential offeror; the announcement formalises a Rule 2.6 sale process rather than confirming any offer.
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The board estimates its female sexual dysfunction product WSD4000 could reach peak annual sales above $400m, against a combined figure of over $250m for Eroxon and Eroxon Intense. New shares from the placing would represent about 60.1% of Futura’s enlarged share capital. The Takeover Panel has allowed potential bidders to remain unidentified and waived the usual 28-day deadline, with non-binding offers due by 2 October. The board has said that failure to find a buyer could mean an orderly or insolvent wind-down.
A general meeting to approve the resolutions is set for 23 September, with the new shares expected to begin trading around 25 September if approved.
This article is for informational purposes only and does not constitute investment advice.
