Trinity Delta view: Last April’s CE Mark grant materially de-risked the ex-US investment case, with the focus shifting from regulatory aspects to execution. FY21 results reassure that Futura Medical has sufficient cash to reach key value inflection points including, pending successful FM71 clinical data, beyond potential MED3000 US approval in Q123. A European deal is anticipated eagerly and so it is highly encouraging that exclusive discussions are underway. We believe a US deal is likely once FDA approval visibility improves. Although the timings, and financial terms, of potential Europe and US deals remain uncertain at this point, and not without risks, we continue to believe that Futura Medical’s share price does not reflect the commercial potential of MED3000. We maintain our Futura Medical valuation of £264m (92p per share).
