Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: We had long expected 2023 to be a pivotal year for Futura Medical, and Eroxon’s successful maiden launch in Europe, coupled with the FDA’s clearance of MED3000 as an over-the-counter treatment for ED, have been major milestones. As the picture for consumer acceptance and market uptake unfolds from the initial launch markets, we should be able to better assess likely future sales. The early indications are encouraging, particularly from just two launches for a few months, and suggest suitable partnerships for the US market will be struck. Our last valuation was £270m, equivalent to 94p per share, which was published before the US FDA authorisation; we expect to review this once there is clarity on plans for launching in the US.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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