The Futura Medical plc. (LON: FUM) share price spiked 6.45% after announcing its commercial partner Cooper Consumer Health had started pre-launch activities ahead of the launch of MED3000 (Eroxon™) scheduled for H1 2023.
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Cooper Health has the right to market Futura’s MED3000 topical gel for treating mild to moderate erectile dysfunction (ED) in men. It is the first ED drug available over the counter (OTC) without needing a doctor’s prescription.
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Futura Medical granted Cooper Health an exclusive license to market MED3000, under the Eroxon™ brand, within the European Economic Area (EEA), Switzerland and the United Kingdom. The deal was signed in May 2022.
Futura is currently working on securing marketing authorisation from the US Food and Drug Administration (FDA) for MED3000, which would make it the first topical ED gel to be available in the United States over-the-counter without needing a doctor’s prescription.
The company has signed distribution and licensing agreements with commercial partners in various regions and countries, including the Gulf Co-operation Council (GCC) region, the European Economic Area (EEA), Switzerland, the United Kingdom and South Korea.
Futura has a robust and growing distribution network in most major markets outside the key Us market, where it is discussing potential agreements with several companies.
The search for commercial partners in the United States is being led by Futura’s corporate advisors.
James Barder, Futura Medical’s CEO, said: “As part of our close strategic partnership with Cooper, we are pleased to note that as planned, Eroxon will soon be made available to men suffering from ED, especially those with mild and moderate ED, to improve their erectile performance in a fast, safe, effective and accessible way. We look forward to updating the market further in due course.”
Investors’ reaction to today’s announcement was not as big as expected since many are waiting for MED3000 to hit the pharmacy stores.
*This is not investment advice.
The Futura Medical share price.
The Futura Medical share price spiked 6.45% to trade at 56.10p, from Wednesday’s closing price of 52.70p.
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