Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Although MED3000’s imminent approval in Europe was flagged in March, the receipt of the official documentation paves the way for commercialisation discussions for a number of geographies to proceed at pace. The timings remain uncertain, but we would expect to see a number of deals in place within the next six months. For these geographies, the key sensitivity shifts from regulatory risk to execution risk, particularly the nature and scope of the commercialisation agreements. Our valuation model employs conservative assumptions and values Futura Medical at £190.3m which, following the full conversion of the loan notes held by HT Riverwood Multi-Growth Fund (Atlantis Group) earlier this month, is equivalent to 74.3p 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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