Trinity Delta view: Futura Medical is set for a pivotal 2023. FDA clearance, which is anticipated in Q223, would position MED3000 as the first OTC (over-the-counter, ie without a doctor’s prescription) clinically proven treatment for ED in the US. A commercial partner for the important US market will be key, hence it is highly encouraging that several discussions are active and ongoing. With partners already secured for multiple major ex-US markets and first launches in progress, commercial momentum is growing. As we have noted previously, the market opportunity for MED3000 given the differentiated and rapid onset of action (ahead of typical oral PDE5 treatments) could be significant, and the US opportunity alone more than underpins the current share price. 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.
