Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: 2023 is proving to be a pivotal year for Futura Medical and the FDA’s clearance of MED3000 as an over-the-counter treatment for ED is another significant milestone. The clearance is the best hoped for, with MED3000 available without a prescription, and includes the rapid 10-minute onset of action claim, faster than typical oral PDE5 treatments (which take around 30 minutes). Both of these should position MED3000 favourably in the sizeable US market, with the US opportunity alone broadly underpinning the current share price. A commercial partner in the US is the key next step and we anticipate a deal(s) this year. Meanwhile, we expect an update on initial EU launches at the upcoming investor event on 22 June. Even modest success in any of the regions targeted for launch would be transformational for Futura Medical. Our valuation is £270m, 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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