Futura Medical hails “huge milestone”; Destiny Pharma rises after it receives US support

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Futura Medical PLC (LON:FUM) shares received a boost as the EU gave the green light for its topical gel formulation MED3000 to go on sale.

The EU has completed the review of MED3000, a treatment for erectile dysfunction, and has recommended that the gel be certified as a Class 2B approved medical device.

Once the certificate is received, Futura’s MED3000 will become the first pan-European topical treatment for erectile dysfunction available without the need for a doctor’s prescription.

Furthermore, EU certification and the resultant CE mark will make it easier for Futura to gain approval for MED3000 in other parts of the world, as many jurisdictions “fast-track” their reviews if a product has an EU CE mark.

“The recommendation to approve MED3000 in Europe is a huge milestone for Futura in the development of MED3000,” said James Barder, the chief executive officer of Futura Medical.

The market seemed to agree with the shares up 88% on the week.

Sector peer Destiny Pharma PLC (LON:DEST) rose by more than a third this week after it revealed it is to receive US government support to develop its XF-73 technology to combat infection associated with open wounds and broken skin.

The company will supply the dermal formulation of treatment to the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health. Its contractors will then conduct “clinically enabling safety studies”, with the project slated for completion next year.

In the technology space, Mobile Streams PLC (LON:MOS), the mobile content and data intelligence company, raced higher after Quanta Media Group signed up to use the AIM-listed firm’s Streams data platform.

Even after rising 45% this week, Mobile Streams is only valued at £3.7mln, in the context of which the £480,000 contract (over four years) is a pretty big deal.

Quanta has committed to pay at least £10,000 a month for a year, which will increase Mobile Streams’ Stream platform’s monthly revenue to an estimated £25,000 a month.

Elsewhere in the technology sector, the bottom dropped out of the IDOX PLC (LON:IDOX) share price after Dye & Durham opted not to proceed with a possible offer for the document management specialist.

News of the possible offer broke on February 19, sending the shares up from 57.4p to 73p; the shares are now trading at 59.4p, down by a fifth on the week.

Also giving up recent gains was Premier African Minerals Ltd, the Southern Africa-focused mining and development company.

Shares in Premier have been a hot ticket ever since the company was formally granted an exclusive prospecting order (EPO) covering the company’s Zulu Lithium and Tantalum claims on March 12.

Such has been the meteoric nature of the share price rise – during March the shares have risen from 0.08p to 0.40p at one point – that the company informed the market that it might not have to go down the joint venture route after all to develop the Zulu asset, and thus it could retain total ownership of the project.

Furthermore, it may not now need to get shot of its Zimbabwean assets.

“Accordingly, Premier will focus on the development of Zulu and realisation of the potential true value of this asset and proper exploration of the upside potential in the EPO,” chief executive George Roach told investors.

The irony was that the announcement about the increased flexibility the company had as a result of its strengthening share price saw the shares slide to 0.25p but that level still leaves shareholders sitting on a very tidy profit in March.

Another minerals company, Kodal Minerals PLC (LON:KOD) cheered its shareholders this week with news of the final loan conversion under a US$1.5mln unsecured convertible loan agreement with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd.

The investors will convert US$200,000 (£144,160) into 168.5mln shares at 0.08556 pence per share.

The shares were up by 48% this week to 0.1475p.

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