Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Last April’s CE Mark grant materially de-risked the ex-US investment case, with the focus shifting from regulatory aspects to execution. FY21 results reassure that Futura Medical has sufficient cash to reach key value inflection points including, pending successful FM71 clinical data, beyond potential MED3000 US approval in Q123. A European deal is anticipated eagerly and so it is highly encouraging that exclusive discussions are underway. We believe a US deal is likely once FDA approval visibility improves. Although the timings, and financial terms, of potential Europe and US deals remain uncertain at this point, and not without risks, we continue to believe that Futura Medical’s share price does not reflect the commercial potential of MED3000. We maintain our Futura Medical valuation of £264m (92p per 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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