Future Medical has raised £12 million through a new capital market placing on the back of securing a number of new licensing agreements.

The company, which focuses on transdermal technology and has developed products associated with sexual healthcare and pain relief management, intends to invest in clinical work and trials.

Its products include condoms as well as a sexual performance enhancement spray for men and topical gel for the treatment of erectile dysfunction.

Commenting on the new fundraising, chief executive James Barder says, ‘We are delighted by the level of support that has been achieved from both new and existing investors in this oversubscribed fundraising, which has the potential to be transformational for the continued commercialisation of our product portfolio.’

Future Medical says it will continue to develop its portfolio as well as funding clinical work and trails required to develop the pain relief portfolio. In December the business announced two additional licensing agreements in China and Scandinavia, meaning it now covers 29 nations.

The £12 million it has raised is the Guildford-based company’s first placing since September 2012 when it banked £2.08 million for working capital.