Shares of Futura Medical plc. (LON: FUM) barely reacted to news of its latest partnership with m8 Pharmaceuticals, Inc to exclusively develop and commercialise its topical, gel-based Erectile Dysfunction treatment MED3000 in Brazil and Mexico.
Futura is set to receive a payment from all sales of MED3000 in the two countries and is also entitled to several milestone payments of up to $8.5 million based on deliverable sales volumes, including a small initial upfront payment.
The deal favours Futura, given that m8 will be responsible for all local MED3000 development and regulatory costs in Brazil and Mexico and marketing expenses. The company will also be in charge of the ongoing pharmacovigilance and safety measures within the region.
The two companies will work together to gain marketing authorisation and commercialise MED3000 as a clinically proven treatment for ED that can be bought over the counter (OTC) without needing a doctor's prescription in Brazil and Mexico,
M8 is incorporated and headquartered in the USA and will bear all costs associated with the regulatory approval and marketing of the product.
James Barder, Futura Medical’s CEO, said: “We are excited to be entering into this agreement with m8 to expand MED3000's market reach to Brazil and Mexico, both significant markets for ED. We are very pleased to have a partner with m8's dedicated launch, brand-building and marketing experience, as well as resources and strong pharmaceutical connections in Latin America. We look forward to working closely with their team.”
Joel Barlan, m8’s CEO, commented: “We are pleased to license Futura's MED3000, bringing their clinically validated technology to Latin America. We feel that MED3000 could significantly benefit individuals suffering from ED in the region, generating significant value and long term sustainable growth for both Futura and m8 in the process.”
Futura Medical share price.
Futura Medical shares barely reacted to news of its latest partnership targeting the Latin American market.