Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: MED3000’s CE Mark effectively removed regulatory risk for the European markets (plus other geographies that recognise the CE Mark). In these regions the emphasis switches to commercial execution. Several agreements, notably addressing the important European markets, are expected to be struck in the coming six months. Manufacturing and capacity to meet projected demand should be in place to support first product launches during 2022. The US regulatory risks remain, albeit reduced as FM71 is nearing completion of patient enrolment (many study enrolments have been delayed by Covid related factors) and the successful completion of the HFS study. Our view remains that, whilst not without risks, Futura Medical’s share price does not reflect likely prospects. Our valuation is £264m, equivalent to 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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