Futura Medical
Guildford, United Kingdom

Futura Medical is a R&D-driven small pharma with a novel proprietary transdermal delivery system, DermaSys, and a lead programme, MED2005, in Phase III development for erectile dysfunction.

www.futuramedical.com

Investment Perspective

Futura Medical has reported the results of the pivotal Phase III study (FM57) for its lead compound, MED2005. Whilst all doses achieved all primary endpoints against baseline (p<0.001) at 12 weeks, there was no differentiation between any active arms and placebo. The placebo arm consisted of the DermaSys formulation and these results suggest that this proprietary gel has an effect comparable to the active arms at all three glyceryl trinitrate doses (0.2%, 0.4%, and 0.6%). This data is clinically relevant and suggests that DermaSys alone may be effective in treating Erectile Dysfunction (ED). Clearly the data needs to be digested before licensing discussions with possible partners continue. Equally, the commercial opportunity, especially the OTC potential, will need to be assessed. Until we have greater visibility, we suspend our valuation and forecasts; for context our model valued Futura Medical at £127m (62p a share).

Market information

SymbolPrimary exchanges
FUMAIM London

Research

Fund raise of £3.25m, at 8p a share, confirmed at EGM
Lighthouse | 21 Jan 2020
Remarkable data from pivotal trial opens new possibilities
Update | 11 Dec 2019
Are these unprecedented results a major opportunity?
Update | 10 Dec 2019

Recent News

Result of general meeting
20 Jan 2020
Posting of circular and notice of general meeting
24 Dec 2019
Result of fundraise
23 Dec 2019
Corporate update and proposed fundraise of £3.25m
20 Dec 2019