- Pharmaceutical company Futura Medical said first-half losses more than doubled thanks to a jump in research and development costs.

For the six months ended 30 June 2019, pre-tax losses swelled to £5.3m from £2.5m a year earlier, with research and development costs surging to £4.7m from £1.6m a year earlier. The company did not produce any revenue during the period.

The increase in R&D costs of £3m was attributed to the FM57 Phase 3 study which was running on time, within budget and expected to provide headline data in December 2019, the company said.

'We look forward to headline data from the first Phase 3 study towards the end of 2019. We are excited to be moving closer to bringing an innovative, highly differentiated ED product to market that could help the many ED patients whose needs are not met by current treatments,' the company said.

At 8:24am: [LON:FUM] Futura Medical PLC share price was -4p at 38.5p

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