Futura Medical: MED3000 on course for OTC approval in Europe and US
Futura Medical’s H120 results confirm progress is maintained as expected. The key developments with MED3000, its novel treatment for erectile dysfunction (ED), suggest that European OTC approval is likely during 2021 and in the US, pending a small six-month trial to show longer term efficacy, is expected in 2022. The format of this supplementary trial will be discussed at the next FDA meeting, expected before end-October. Current funds of £2.62m (at end-June 2020) provide a cash runway to Q221, although this does not include the costs of the US study. We value Futura Medical at £153.8m, equivalent to 60.9p 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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