Trinity Delta view: 2023 is proving to be a pivotal year for Futura Medical and the FDA’s clearance of MED3000 as an over-the-counter treatment for ED is another significant milestone. The clearance is the best hoped for, with MED3000 available without a prescription, and includes the rapid 10-minute onset of action claim, faster than typical oral PDE5 treatments (which take around 30 minutes). Both of these should position MED3000 favourably in the sizeable US market, with the US opportunity alone broadly underpinning the current share price. A commercial partner in the US is the key next step and we anticipate a deal(s) this year. Meanwhile, we expect an update on initial EU launches at the upcoming investor event on 22 June. Even modest success in any of the regions targeted for launch would be transformational for Futura Medical. Our valuation is £270m, equivalent to 94p per share.
