Trinity Delta view: 2023 is set to be a pivotal year for Futura Medical, with first potential launches of MED3000/Eroxon. These include in the key regions of Europe during H123, and in the US, once marketing authorisation has been granted; this continues to be expected by end-Q123. US commercialisation will be dependent on securing a partner, and it is encouraging that discussions are ongoing. First approvals in the Middle East is a positive step towards broadening Eroxon’s reach, although we continue to see the biggest potential for MED3000 in the US and in Europe, as outlined in our November 2022 Update. Successful commercialisation in either of these territories could transform Futura Medical, in our view. The market opportunity as the first clinically proven erectile dysfunction (ED) treatment available OTC (over-the-counter) and with a differentiated and rapid onset of action (ahead of typical oral PDE5 treatments) could be significant. Our Futura Medical valuation is £270m, equivalent to 94p per share, with the US opportunity alone more than underpinning the current share price.
