RE: Calm Before The Storm10 Nov 2022 19:47
On the cusp of MED3000 commercialisation
Please find attached our Update report on Futura Medical, a R&D-driven small pharma with a novel proprietary transdermal delivery system, DermaSys, and lead programme, MED3000 in erectile dysfunction, following a number of key events this year.
TRINITY DELTA VALUATION
Download full report here (mobile friendly).
Symbol FUM (AIM London)
Price 40.2p (£115.6m)
Date 10 November 2022
During 2022 Futura Medical successfully delivered on several key MED3000 related events, including the highly positive FM71 longer-term clinical data, which are needed to enter the US market and importantly reinforced MED3000’s differentiated and rapid onset of action. In addition, a number of commercial deals were executed, notably the European and UK deal with Cooper Consumer Health. The next steps are EU launches (due to start during H123), FDA marketing clearance (potentially by end Q123), and securing a US partner. These should be the final elements in converting MED3000 into a revenue generating OTC product for ED, transforming Futura Medical’s prospects. Pending visibility on both US and European launches, our updated model conservatively does not include any near-term MED3000 related revenues. Our Futura Medical valuation is now £270m, equivalent to 94p per share.