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(Sharecast News) - Futura Medical announced the appointment of Alex Duggan as its interim chief executive officer on Friday, following the completion of all regulatory and due diligence requirements.
The AIM-traded firm said Duggan, who joined the board with over 25 years of leadership experience in consumer healthcare and prescription medicines, would lead a strategic review of the company's operations amid slower-than-expected sales of its lead product, the topical erectile dysfunction treatment gel Eroxon.
It said Eroxon's commercial performance remained difficult to forecast, with momentum continuing to fall short of initial expectations and sales trends varying significantly across territories.
In response, Duggan was spearheading a review of Futura's commercial plans, including its sales and marketing strategy, cost base, and other strategic options available to the group.
"I am pleased to join the board and to step into the interim CEO role at this pivotal juncture for the group," Duggan said.
"I will be working closely with the board and the wider team in my review of the business, its priorities, and its strategic options over the period ahead.
"Our priority is to deliver a clear strategy that will maximise value for shareholders, commercial partners and employees."
The company said an initial update on the review was expected with the publication of its interim results in late September.
Alongside Duggan's appointment, Futura also announced that finance director and chief operating officer Angela Hildreth would step down from her roles after serving her six-month notice period.
She would remain with the company during the transition to ensure a smooth handover.
"We are pleased to formally welcome Alex to the board," commented senior independent director Andrew Unitt.
"His experience and decisive leadership will undoubtedly prove instrumental at this phase of the group's development.
"We are grateful to Angela for her many years of dedicated service to the company, during which she oversaw a period of significant development."
At 1231 BST, shares in Futura Medical were down 14.79% at 9.82p.
Reporting by Josh White for Sharecast.com.