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Highlights:

  • Futura Medical confirms Alex Duggan as interim CEO following due diligence checks
  • Futura Medical announces Finance Director Angela Hildreth will step down after notice period
  • Eroxon sales slower than expected; strategic review underway ahead of interim results

Futura Medical plc (AIM:FUM) has confirmed the appointment of Alex Duggan to its Board of Directors as interim Chief Executive Officer, following completion of all necessary due diligence and regulatory procedures. The appointment was initially announced on 8 July 2025 as part of a broader leadership transition. Duggan brings over 25 years of experience across the Consumer Healthcare and Prescription (Rx) sectors. His previous roles have spanned M&A execution, operational restructuring, and market expansion. His arrival comes at a time when the company is reassessing its commercial strategies and organisational direction.

In a parallel development, Angela Hildreth, Finance Director and Chief Operating Officer, has informed the Board of her decision to step down. She will remain in her roles for the duration of her six-month notice period and continue as a Director of the Company during this time. The Board expressed its appreciation for her service and noted that she will oversee a structured handover once a replacement is appointed. As part of its current focus, the Board issued a business update concerning the commercial rollout of Eroxon, the company’s flagship product. Eroxon, which launched as a new entry in a new therapeutic category, has shown inconsistent sales patterns across different geographies. The company noted that sales momentum continues to lag behind original expectations and that patterns remain hard to interpret, partly due to initial channel stocking effects.

In response, the company under Duggan’s leadership has initiated a comprehensive strategic review. The review will assess ongoing commercial plans for Eroxon, particularly in relation to sales and marketing strategies and associated costs. The Board stated that the evaluation could extend to other potential strategic options for the Group. An initial update from this review is expected to be shared alongside the Company’s interim results, currently scheduled for release in late September 2025.

Commenting on the leadership changes, Andrew Unitt, Senior Independent Director, welcomed Duggan to the Board and acknowledged Hildreth’s contributions over her tenure. Alex Duggan remarked that he is working closely with the Board to reassess the business’s priorities and options. He noted that the focus over the coming months will be on outlining a clear strategic direction. In compliance with AIM disclosure rules, the company stated that Duggan previously served as a director of The Paradigm Organisation Ltd, which was subject to a court-ordered winding up in 1997. He resigned shortly thereafter, and the company was dissolved in April 2000.

FUM is trading 17.57% lower at GBX 9.50 per share as of 8 August 2025.