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, MED3000, in 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

MED3000: more detail on FM57 results
Lighthouse | 02 Apr 2020
Encouraging FY19 results and MED3000 update
Lighthouse | 01 Apr 2020
MED3000 European regulatory pathway is clearer
Lighthouse | 17 Feb 2020

Recent News

FY19 results
01 Apr 2020
FM57 clinical data and MED3000 update at investor seminar in March 2020
05 Mar 2020
Update on positive EU regulatory discussions and further ongoing analysis of FM57
13 Feb 2020
Result of general meeting
20 Jan 2020