Futura Medical: Elegant and effective treatment for Erectile Dysfunction
Futura Medical is rapidly approaching a major inflection point as the results of a pivotal Phase III study (FM57) for its lead compound, MED2005, are due to read out in December. MED2005 is a fast-acting glyceryl trinitrate gel that addresses erectile dysfunction (ED). The FM57 data is expected to be positive and will influence the design of the remaining Phase III trial (FM59) required for US approval (and possibly Europe too). This data will also fuel licensing discussions with potential partners. The commercial opportunity in ED is sizeable, although addressing the various elements of the market segments and different geographies optimally will, in our view, be critical. Our DCF-based model employs conservative assumptions and currently values Futura Medical at £127m, equivalent to 62p a share.Futura Medical is engaged in the research and development of pharmaceutical drugs and medical devices and their commercial exploitation. Co. focuses on developing products primarily for the consumer healthcare market. Co.'s focus is on sexual healthcare and pain relief. DermaSys® is Co.'s transdermal technology platform, for the absorption of active molecules through the skin. DermaSys® includes MED2002, a topical gel for the treatment of erectile dysfunction; TPR100, a topical diclofenac pain relief gel; TIB200, a topical ibuprofen pain relief gel; and SPR300, a topical methyl salicylate pain relief gel.
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