UK-based pharmaceutical company Futura Medical (FUM) released its interim results for H1 2023, which, following successful product launches of MED3000 in Europe, has generated £1.7 million of initial sales in the region, plus received FDA approval in the key US market.
MED3000 - Eroxon in Europe - is a topical, gel-based erectile dysfunction treatment.
In Europe, launches of MED3000 in Belgium and the UK have exceeded expectations, indicating around 20% market share of clinically proven ED treatments. Post period end, Eroxon successfully launched online in Italy, France and Spain.
In June 2023, MED3000 was approved in the US as an over-the-counter treatment for ED, and since then Futura entered into a licencing agreement in July 2023 with Haleon, a major consumer healthcare company, for exclusive rights to commercialise MED3000 in the USA.
Futura is also making good progress with MED3000 in the MENA region, with Middle East launch planned in Q4 2023.
The company remains well funded, with £9.36 million in the bank as of 31 August 2023.
James Barder, Chief Executive Officer, Futura Medical said: "Futura has maintained the momentum achieved over the past three years by delivering its first significant recurring revenues. The Company has achieved major milestones including the successful launches of Eroxon® in the UK and Belgium and most recently online in Italy, France and Spain, received US FDA approval of MED3000 and signed the subsequent US commercialisation agreement with Haleon, one of the largest consumer healthcare companies in the world. We look forward with growing confidence to the remainder of 2023 and are now on the path towards sustained profitability by 2025.
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Strong sales of MED3000 underline the unique product differentiators that it brings to ED treatment options. For example, MED3000 sets itself apart from traditional PDE5s treatments, by providing limited side effects and and lack of drug interactions.
Futura’s strategy to secure partners to launch and market its products is a winning formula for the company. In Europe, the company’s commercial partner is Cooper Consumer Health - a leading over-the-counter drug manufacturer and distributor - has helped Futura’s Eroxon exceed sales expectations compared to its original first year forecasts.
In the US, Futura’s licencing agreement with leading consumer healthcare company Haleon should be a game-changing milestone for the company, with the US being the largest potential ED market OTC in the world.
On the results, analyst Trinity Delta said: “Our updated model reflects recent events...leading to a valuation of £363m or 121p/share.“
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