Promises from Futura Medical over the outlook for its contraception line have failed to prevent a share sell off.
The Aim-listed company’s share price had slumped by a more than 10 per cent by the market close in London.
Futura said it was close to achieving regulatory approval for a longer shelf life and partner launch for its line of condoms.
The specially designed contraception is meant to help men maintain an erection and maximise penis size, although it has had shelf-life issues that have delayed the launch of the product by its commercial partners.
Losses before tax at the company narrowed to £2.26m in the first half of 2017 from £3.02m the year before, as research and developments costs reduced to £1.79m from £2.48m. Futura ended June with £2.9m in cash, down from £7.23m a year earlier.
Shares in the company more than doubled earlier this month after it announced trials of its erectile dysfunction treatment had found it to be effective, safe, and with the potential to be the fastest-acting product available on the market.
“We continue to make good progress in the clinical and commercial development of our portfolio of product opportunities. This was highlighted last week with the announcement of positive clinical study results for [the erectile dysfunction treatment]. We are increasingly excited about [its] commercial potential as well as the first partner launch of [the condom] later in the year and the first pain relief out-licensing deal,” said Futura’s chief executive, James Barder.