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.


Investment Perspective

Futura Medical’s H121 results provide a timely reminder of the progress achieved this year. MED3000 was approved in Europe, with the CE Mark granted in April 2021. Collaboration agreements are in place for China and the Far East, Brazil and Mexico, and the Gulf/Middle East. The US regulatory pathway has been established, with the confirmatory FM71 study now underway. The £12m equity raise in May removes a major uncertainty, providing a cash runway beyond expected US OTC approval (as early as Q123). The next major event should be announcement of the first European partner(s), followed by first MED3000 launch expected during H222. Updating our model to reflect this progress generates a Futura Medical valuation of £264m, equivalent to 92p per share.

Market information

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Major MED3000 deal for Europe with Cooper Health
Lighthouse | 23 May 2022
FY21 results reassure on cash runway and hint at EU deal
Lighthouse | 26 Apr 2022
Menarini to commercialise MED3000 in South Korea
Lighthouse | 23 Mar 2022

Recent News

MED3000 Collaboration in EEA, UK & Switzerland
23 May 2022
FY21 results
26 Apr 2022
Collaboration with Menarini Korea
23 Mar 2022
US regulatory and commercial update for MED3000
20 Dec 2021