Last checked at 7 Nov 2023 07:00
November 7th, 2023
Futura Medical plc
("Futura" or the "Company")
Futura expands partnership with M8 Pharmaceuticalsfor remainder of Central and South American region
Futura Medical plc (AIM: FUM) ("Futura" or the "Company"), the pharmaceutical company developing innovative sexual health products, is pleased to announce that M8 Pharmaceuticals, Inc ("M8") has taken up its rights to extend its licensing agreement from Brazil and Mexico to market MED3000 in a further fourteen countries throughout the Central and South American region.
Futura's commercial agreement with M8 included an option, which has been exercised, to take up exclusive development and commercialisation rights for MED3000 throughout South and Central America. Futura has received an undisclosed upfront milestone payment from M8 as part of the extended agreement. The extension builds on the agreement signed in August 2021 for the rights to exclusively develop and commercialise MED3000 in Brazil and Mexico, the two biggest countries and healthcare markets in South and Central America and the announcement in October 2023 that M8 has received approval for MED3000 to be marketed in Mexico as a topical treatment for ED available OTC without the need for a prescription under the Eroxon® brand.
Apart from the geographic expansion, the commercial terms and initial duration of the agreement remain unchanged as Futura continues to build a global distribution network for its breakthrough fast acting and clinically proven treatment for erectile dysfunction.
James Barder, Chief Executive Officer of Futura said: "This is another major step forward in the execution of Futura's strategy. M8 is an excellent partner with dedicated brand-building and marketing experience, as well as scale and strong pharmaceutical connections in South and Central America and we look forward to working closely with them across the Latin American region.
"This agreement builds on a string of major successes that Futura has realised in 2023. We continue to be excited as the fundamentals of the Company continue to strengthen. Futura is well positioned as we look forward to a significant number of new country launches in 2024 across the world."
ENDS
For further information please contact:
Futura Medical plc
James Barder, Chief Executive Officer
Angela Hildreth, Finance Director and COO
Email: Investor.relations@futuramedical.com
Tel: +44 (0) 1483 685 670
www.futuramedical.com
Nominated Adviser and Sole Broker:
Liberum
Phil Walker/ Richard Lindley/ Ben Cryer
Tel: +44 (0) 20 3100 2000
For media enquiries please contact:
Optimum Strategic Communications
Nick Bastin / Jonathan Edwards/ Zoe Bolt / Elena Bates
Email: futuramedical@optimumcomms.com
Tel: +44 (0) 203 882 9621
About Futura Medical plc
Futura Medical plc (AIM: FUM), is a pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® technology. Each DermaSys® formulation is separately patented and specifically tailored for the selected indication and application, as well as being optimised for clinical efficacy, safety, administration and patient convenience. The products are developed for the prescription and consumer healthcare markets as appropriate. Development and commercialisation strategies are designed to maximise product differentiation and value creation whilst minimising risk.
MED3000 is Futura's topical gel formulation that is a novel treatment for erectile dysfunction (ED) through a unique evaporative mode of action. Futura has conducted two Phase 3 studies using MED3000 in ED; FM57 study which enabled Futura to be granted a CE Mark in 2021 and FM71 which enabled Futura to be granted US marketing authorisation. Both studies demonstrated that MED3000 presents an effective clinically proven treatment for ED with a rapid speed of onset and a favourable benefit versus risk profile ideally suited for an 'Over the Counter' classification.
About M8 Pharmaceuticals
M8 is a specialty biopharmaceutical company headquartered and incorporated in the USA focused on licensing, marketing and distributing innovative and established therapeutics in the two largest South and Central American markets: Brazil and Mexico. M8 aims to become the preferred pharmaceutical partner for the licensing of high-value innovative and proven therapies across our main therapeutic areas CNS, Respiratory, Cardiometabolic, Rheumatology, Gastroenterology, Onco-hematology and Orphan Diseases. M8 is a Montreux Equity Partners portfolio company.
For more information, please visit: www.moksha8.com