reports
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Futura Medical: Eroxon poised for launch in key US market
Futura Medical’s investment case has shifted firmly onto commercial execution. The highly successful initial launches of Eroxon, its novel topical gel for ED (erectile dysfunction), by partner Cooper Consumer Health in the UK and Belgium are now being followed by roll-outs across the major European markets. The much-anticipated launch in the commercially important US market by consumer healthcare giant Haleon is expected before February 2025. Launches in Other Regions are anticipated throughout...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Following the recent Trading Update, there are few surprises within Futura’s FY23 financial results, with costs remaining tightly controlled. Focus on the potential US launch by partner Haleon is understandable, given the US commercial opportunity is likely the most significant. Hence, comments that preparations towards the US launch are progressing well, together with Haleon confirming launch is expected within 12 months, are reassuring. Whilst there continue to be limited i...
Hybridan Small Cap Feast - 14 Feb 24
14th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Revenues appear to be broadly tracking just ahead of our expectations, even with the challenges of forecasting first launches. Re-ordering patterns will be a key determinant of longer-term success, and whilst visibility is not unexpectedly limited given the early stage of launch, we believe the commitment shown by Cooper through extension of the existing agreement is an encouraging sign and likely reflects initial in-market success and trends, in our view. We continue to beli...
Hybridan Small Cap Feast - 09 Jan 24
9th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
Hybridan Small Cap Feast - 07 Nov 23
7th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Emily Liu
Hybridan Small Cap Feast 19-10-2023
19th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Futura Medical: Significant achievements position MED3000 for success
An impressive stage has been set by Futura Medical for successful commercialisation of MED3000 (Eroxon in Europe), with consumer healthcare giant Haleon now secured as the ideal US commercial partner. Initial European launches via partner Cooper Consumer Health in the UK and Belgium have exceeded expectations, providing confidence in Eroxon’s potential, with the focus now on expansion of retailers, new launches, and repeat orders. Whilst there are no details on US launch timings, we believe prep...
Hybridan Small Cap Feast 09/08/2023
9th August 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: We knew 2023 was going to be pivotal for Futura Medical, and this earlier than expected US commercialisation partnership is the third major event so far (following Eroxon’s successful maiden launch in Europe, as confirmed at the June investor event, and FDA clearance of MED3000 as a unique OTC treatment for ED). The quality of Haleon as a commercial partner is beyond doubt and, in our view, validates the entire MED3000 investment case. Our valuation, once seemingly ambitious,...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: The Investor Seminar provided confidence in the launch and potential of Futura Medical’s Eroxon. Clinicians highlighted that Eroxon provides a useful addition to current ED treatment options, particularly given issues with PDE5is, notably the lack of spontaneity. This was echoed by US market research where the rapid 10-minute onset of action was seen as a key benefit. These unique attributes of Eroxon, coupled with its OTC status (without a prescription) appear to be translat...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: We had long expected 2023 to be a pivotal year for Futura Medical, and Eroxon’s successful maiden launch in Europe, coupled with the FDA’s clearance of MED3000 as an over-the-counter treatment for ED, have been major milestones. As the picture for consumer acceptance and market uptake unfolds from the initial launch markets, we should be able to better assess likely future sales. The early indications are encouraging, particularly from just two launches for a few months, and ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
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 al...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
Hybridan Small Cap Feast - 05 Apr 23
5 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Liberum Research Team
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Futura Medical
Trinity Delta view: Futura Medical is set for a pivotal 2023. FDA clearance, which is anticipated in Q223, would position MED3000 as the first OTC (over-the-counter, ie without a doctor’s prescription) clinically proven treatment for ED in the US. A commercial partner for the important US market will be key, hence it is highly encouraging that several discussions are active and ongoing. With partners already secured for multiple major ex-US markets and first launches in progress, commercial mome...
- Liberum Research Team
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