Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: The first launch of Eroxon marks the start of what should be a pivotal year for Futura Medical. Cooper is known to have high expectations for Eroxon’s commercial potential and its roll-out across Europe is keenly anticipated. The slippage of the expected FDA approval into Q223 is not unexpected, such novel products are often subject to requests for clarification. The more important aspect is that management reports these discussions as active and constructive. As we have noted previously, the market opportunity as the first clinically proven erectile dysfunction (ED) treatment available OTC (over-the-counter) and with a differentiated and rapid onset of action (ahead of typical oral PDE5 treatments) could be significant. Even modest success would be transformational for Futura Medical. Our valuation is £264m, equivalent to 94p 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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