(Alliance News) - Futura Medical PLC shares more than doubled after its erectile dysfunction treatment was recommended for approval in the EU.
Shares in the Surrey-based pharmaceutical company rose to 39.30 pence in London.
Futura expects final approval for the medicine, known as MED3000, before the end of May. EU approval paves the way for rapid approval in countries around the world, as many of them recognise European certification. Futura is making progress towards approval in the US.
The erectile dysfunction market is worth USD5.6 billion, and MED3000 has the potential to become the first globally available, clinically proven, over the counter treatment, Futura said.
The company said it has received offers from potential licensing and marketing partners. Earlier this month, the company announced it signed an agreement to develop and commercialise the drug in China and southeast Asia.
Futura Chief Executive James Barder said: "The recommendation to approve MED3000 in Europe is a huge milestone for Futura...Once the certificate is issued, MED3000 may be marketed throughout the EU without the need of a doctor's prescription subject to any national marketing restrictions. This will represent a significant commercial opportunity."
By Ivan Edwards; ivanedwards@alliancenews.com
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Futura Medical (FUM)