A Surrey-based listed MedTech has undergone a leadership shake up after its CEO and chairman both agreed to step down following discussions between the board and the company’s largest shareholder.
Futura Medical plc’s largest shareholder and board are wanting to see fresh leadership, which has led to the exits of non-executive chair Jeff Needham and CEO James Barder.
Alex Duggan will be appointed as Interim CEO, bringing over 25 years of experience in consumer healthcare and prescription sectors, having scaled global businesses across Europe, Asia, North America and Latin America.
Most recently, he served as chief commercial & corporate development officer at fellow MedTech Alliance Pharmaceuticals. During his tenure, the company was privatised and sold at a substantial premium.
He has also founded multiple startups including Appia Healthcare and Passion For Life Healthcare Group, as well as serving as a board member for the Proprietary Association of Great Britain.
Duggan is expected to join the company, which is behind Eroxon and specialises in the development and global commercialisation of innovative and clinically proven sexual health products, in early August.
His appointment is subject to completion of due diligence checks by the company’s nominated adviser.
The Beauty Tech Group triples office size after global success
“I’m pleased to be joining Futura on an interim basis to review the business performance and develop the future strategy,” he said.
“The patented technology behind the Eroxon brand, along with the pipeline of new products in development, should hold strong potential for broad global consumer appeal.
“I look forward to reviewing the current commercial plans, results of the initial market launches and working with the team to shape a strategy that maximises value for shareholders, commercial partners, and employees.”
Outgoing CEO Barder added: “Building the group to what it is today has been a long challenging journey and one that I am proud of.
“We have worked hard to develop a product that is effective, addresses an unmet market need and can be commercialised.
“We have successfully commercialised Eroxon in multiple territories, signed significant partnerships to take the product to market and delivered the Group’s first revenues and profit. I leave the business with my best wishes.”
Futura Medical floated over 20 years ago in 2003 with a share price of 73.08p.
Now, its shares stand at just 8.11p after the initial 31.43p they stood at at the beginning of 2025.
The firm has a market cap of £25.29m.
Cumulus ‘to revolutionise fight against neurodegenerative disease’