(Alliance News) - Futura Medical PLC on Monday said it signed a deal with Paris-based medical selfcare organisation Cooper Consumer Health for the commercialisation of MED3000 in the UK, Switzerland and the European Economic Area.
MED3000 is the Guildford, England-based pharmaceutical firm's gel-based erectile dysfunction treatment. It has the potential to become the first clinically proven over-the-counter treatment for ED, Futura said.
Futura said the initial licence agreement term will be limited to five years initially in order to comply with EU competition law.
Under the agreement, Cooper will pay an agreed price to Futura for the manufacture and supply of MED3000 by Futura's third-party contractors. Cooper also will be responsible for all launch and marketing expenses.
Futura will receive initial upfront payments, as well as cumulative sales milestone payments.
Cooper Chief Executive Bart Meermans said: "We are very pleased having signed this partnership agreement with Futura and look forward to building MED3000 into a strong and novel brand for Cooper. We strongly believe this highly innovative OTC medical device will be able to help many men with ED, especially those with mild and moderate ED, to improve their erectile performance in a fast, safe and effective way."
Futura Medical shares were up 12% at 30.80 pence each on Monday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Futura Medical (FUM)