- Shares jump 8% after ground breaking US commercial deal with Haleon
- First over-the-counter erectile dysfunction treatment in the US
- US is the world's largest ED market affecting 22 million men
Pharmaceutical company Futura Medical (FUM:AIM) hasn’t wasted any time getting its innovative gel for erectile dysfunction MED3000 into the US market after revealing a ‘ground-breaking’ commercial agreement with consumer healthcare firm Haleon (HLN).
Futura Medical only received the green light from the US regulator on 12 June so management have moved swiftly to secure a top-class distribution and brand partner. Investors welcomed the news with the shares jumping 8% higher to 55.7p, double where they were trading a year ago.
Haleon shares traded 0.5% higher at 315.5p.
HOW WILL THE DEAL WORK?
Haleon is responsible for the future launch and ongoing regulatory, development, marketing, and commercialisation of MED3000 in the US.
The tiny company hoping to make it big after US breakthrough
CEO James Barder commented: ‘The USA is the largest ED (erectile dysfunction) market in the world and we believe Haleon, with its strong capabilities in brand-building and marketing through an unrivalled breadth of channels, as well as its connections and market reach makes it the ideal partner to introduce MED3000 to the millions of ED suffers in the USA who will soon be able to buy MED3000 in US pharmacies, without the need for a doctor's prescription.
Futura will receive an upfront payment of $4 million and royalty payments on all sales of MED3000 by Haleon. In addition, there are potential commercial and performance-driven sales milestone payments worth between $4 million and $45 million payable over several years.
HOW IS MED3000 DIFFERENT?
The product once launched will be the first ‘over the counter’ topical gel indicated for the treatment of ED. MED3000 has previously been approved across Europe and the UK and is currently available over the counter in Belgium and the UK, through Boots where it is known as Eroxon.
The two unique selling points of Eroxon are that it works in under 10 minutes and has fewer side effects. Rival treatments such as Pfizer’s (PFE:NYSE) Viagra and Eli Lilly’s (LLY:NYSE) Cialis can take 30 to 60 minutes to take effect and have many side effects including headaches and hot flushes which are obstacles to long term use.
LEARN MORE ABOUT FUTURA MEDICAL
