The conundrum



Quite possibly, name is used else where:

Have to keep an eye out on:


Even if they aren’t that confident in the milestone payment for TPR I’m sure they’re pretty confident about getting some positive phase 3 data.

If they’re confident about that then they probably thought there’s no need to dilute the market even further.

On the back of positive data they should be able to do a placing at a lot higher SP if the need for a part 2.

You never know we might even get snapped up after part 1 if it’s positive.

Let’s hope the milestone payment does materialise from TPR though that would put us in a pretty strong position going forward.


Just read Aberdeen’s post I crossed over what he just said


The milestone payment (whilst significant compared to historical payments that FUM have had) still is no where near what FUM would need for part 2 of phase 3.

However as you say, if part 1 of phase 3 is good it puts FUM in a much stronger position for negotiating etc unlike the position we found ourselves in at the last dilution.


Indeed dermamax may be used under several different guises, when FUM registered Blue Diamond there were literally loads of products with that brand name. It takes approximately 4 months for tradenames to be registered which coincidentally will be the same time TPR approval will be received.

I’m not quite sure if FUM have indicated how much part 2 will cost, maybe Aberdeen could throw some light. Also no idea what milestone amount we expect for TPR approval. Looks like Thornton & Ross paid £350k on signing the agreement in 2017, so most likely the approval should be much more.


Let’s hope it at least covers some of their salaries …350k doesn’t go very far…

Depressing to see the price continue to slip, time to turn off till Summer.


Approx 3 x that amount Tony so around £1 million


Looking back at TPR updates and the expected timing of approval, I’ve now convinced myself that Thornton & Ross have received preliminary “positive” responses from the MHRA, possibly having to address the odd few issues (a similar carry on happened when CSD was obtaining the CE Mark approval} hence getting the ball rolling by registering “Dermamax”. All IMO of course. So I’m hoping approval will be granted very shortly. This will not only trigger a milestone payment, but could open the door to other deals outside the UK which apparently are under ongoing discussion which may resolve the Part 2 Phase 3 MED funding if further TPR licensing deals achieve decent upfront payments.

We should also be getting the Final Results for 2018 shortly (last year’s were released on 14/3/2018) but unusually no prior notification of the date as yet - FUM are usually very efficient in letting us know.


Nice to see phase 3 approval in another country.

onwards and upwards with recruitment


Also nice to see that SLA has gone today from a non-disclosable level (<3%) to 5.26% of shares in FUM





Thank you, oddly enough on LSE website I see no RNS past 20th Feb.


Unfortunately you are mistaken. If you look at your post correctly it is not futura but future plc two very different companies.


Apologies, really sorry. I have both SLA and FUM in my LSE portfolio and reacted too quickly to the news item.


Which is the latest country, Aberdeen? If I remember rightly, Bulgaria was the first which came before xmas. The other centres are:

I wonder if STADA are in the mix for MED. Would be a massive boost if TPR was approved if that’s the case. Again I have to jog my memory regarding previous years’ discussions but I think STADA specialise in generics. Will have to look into it again.


No problem lol easily done! Had me going for a second though haha


I remember last time I checked (quite recent) there were 3 countries and now there are 4.

I can’t remember which one is the most recent one.
Poland should be on there pretty soon.


I think Poland’s on the list of them now unless I’m misunderstanding it.


What are we expecting from mid year results then any ideas? I would imagine updates on clinical trials and possible tpr update?

Hoping this crosses the 20p mark but seems stuck at 15p