Futura Medical is at exciting juncture, with the second pivotal trial of Eroxon® (erectile dysfunction) due to start in Q4 2017 and licensing discussions ongoing for multiple products, including Eroxon® and topical pain relief products TPR100 (diclofenac) and TIB200 (ibuporofen). Longer term, we believe that the OTC market for Eroxon® could represent a significant opportunity, over and above our current prescription-only estimates. We reiterate our positive stance and unchanged 93p/share intrinsic value.