Trinity Delta view: The Investor Seminar provided confidence in the launch and potential of Futura Medical’s Eroxon. Clinicians highlighted that Eroxon provides a useful addition to current ED treatment options, particularly given issues with PDE5is, notably the lack of spontaneity. This was echoed by US market research where the rapid 10-minute onset of action was seen as a key benefit. These unique attributes of Eroxon, coupled with its OTC status (without a prescription) appear to be translating into a successful early launch, with commercial partners outlining that UK sales have so far exceeded all expectations. The next key step for Futura Medical is to secure a US commercial deal(s). Our last valuation was £270m, equivalent to 94p per share (published before the US FDA authorisation); we expect to review this once there is clarity on plans for launching in the US.
