Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: The Investor Seminar provided confidence in the launch and potential of Futura Medical’s Eroxon. Clinicians highlighted that Eroxon provides a useful addition to current ED treatment options, particularly given issues with PDE5is, notably the lack of spontaneity. This was echoed by US market research where the rapid 10-minute onset of action was seen as a key benefit. These unique attributes of Eroxon, coupled with its OTC status (without a prescription) appear to be translating into a successful early launch, with commercial partners outlining that UK sales have so far exceeded all expectations. The next key step for Futura Medical is to secure a US commercial deal(s). Our last valuation was £270m, equivalent to 94p per share (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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