(Sharecast News) - Sexual health product developer Futura Medical announced an extension of its exclusive licensing agreement with Cooper Consumer Health on Monday.
The AIM-traded firm said the extension, effective until January 2029, pertained to the rights for commercialising Eroxon, Futura's topical, gel-based erectile dysfunction (ED) treatment, in the European Economic Area, the UK, and Switzerland.
It said the initial agreement was signed in May 2022, granting Cooper exclusive rights to market Eroxon in the region for a five-year term.
The terms of the agreement remained unaltered, with Futura retaining its role as the legal manufacturer and overseeing the supply of Eroxon through third-party contract manufacturers.
Eroxon has gained approval as the first pan-European topical treatment for ED that can be obtained without a prescription.
The product first launched in March last year in the UK and Belgium, and was set to expand its presence across Europe in 2024.
Key markets such as Italy, Spain, France, and Germany were set to see the introduction of Eroxon during the phase.
"The award-winning launch of Eroxon was a key milestone in our partnership with Cooper and the success of our collaboration makes this extension an easy decision for both parties," said Futura's chief executive officer, James Barder.
"We are committed to providing treatment to those suffering from ED and as such we continue the commercial roll-out of Eroxon across the world."
At 1440 GMT, shares in Futura Medical were down 1.03% at 33.65p.
Reporting by Josh White for Sharecast.com.
Futura Medical (FUM)