Futura Announces Collaboration with Cooper Consumer Health to Commercialise MED3000 in EEA, United Kingdom and Switzerland
Futura Medical plc (AIM: FUM), a pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology and currently focused on sexual health and pain, today announces it has entered into an exclusive licensing agreement with Cooper Consumer Health (“Cooper”), a leading European independent self-care organisation, for the rights to commercialise the Company’s topical, gel-based Erectile Dysfunction (“ED”) treatment MED3000, throughout the European Economic Area, United Kingdom and Switzerland.
- Futura eligible to receive initial upfront payments, as well as undisclosed cumulative sales milestone payments
- Cooper to pay an agreed price to Futura for the manufacture and supply of MED3000 by Futura’s third party contractors
- Cooper will be responsible for all launch and marketing expenses
- Initial licence agreement term of five years. This complies with EU competition law that limits deal terms to five years
Cooper, based in Paris, France is an international independent selfcare organisation with main presence in Europe that is active in the Over the Counter (“OTC”) consumer healthcare market with the development, manufacturing, selling and marketing of a diverse range of selfcare products (e.g medicines, medical devices, biocides, cosmetics and food supplements) under its own or licensed well-known brands.
Cooper Licensing Agreement
Under the terms of the agreement, Cooper will commercialise MED3000 in the EEA, United Kingdom and Switzerland as a clinically proven, safe and fast-acting treatment for ED available without the need for a doctor's prescription.
Futura will receive an initial upfront payment, as well as undisclosed cumulative sales milestone payments and will manufacture and supply the product (through its 3rd party contract manufacturers) for the EEA, United Kingdom and Switzerland to Cooper. The agreement is for an initial term of five years complying with EU competition law. Futura will remain Legal Manufacturer1 and be responsible for supply of MED3000 through its 3rd party contract manufacturers.
MED3000 is Futura’s breakthrough, topical gel formulation for treatment of ED. It has the potential to become the first globally available, clinically proven, OTC treatment for ED and has already been approved as Medical Device Class IIb according to MDR regulation. Additionally, specific regulatory approval for the Great Britain market post-Brexit was granted in April 2022.
Consumer In-Use Test
Cooper, as part of its due diligence process, conducted a consumer marketing Home Use Test (“HUT”) in the United Kingdom, France and the Netherlands whereby individuals self-diagnosed with ED were provided with a four-pack sample of MED3000. The in-use results were in line with findings published in 2019 in Futura’s clinical study FM57 which showed that over two thirds of patients experienced a clinically meaningful benefit from using MED3000 in a controlled clinical setting. MED3000 performed well in the real world, consumer HUT setting, with the majority of men with ED, other than men suffering from severe ED with significant co-morbidities, seeing an improvement in erectile performance and underlining the product’s potential as a highly effective, safe, clinically proven, topical treatment for ED.
James Barder, Chief Executive of Futura Medical commented: “This is our fifth commercial agreement for MED3000, and we are excited to be working with Cooper. Aside from its significant experience and presence within the healthcare field we believe the close strategic alignment of the two companies makes this an excellent partnership and we look forward to working closely together in a long term, profitable and sustainable partnership for both Futura and Cooper.”
- Bart Meermans, Chief Executive Officer of Cooper commented: “We are very pleased having signed this partnership agreement with Futura and look forward to building MED3000 into a strong and novel brand for Cooper. We strongly believe this highly innovative OTC Medical Device will be able to help many men with ED, especially those with mild and moderate ED, to improve their erectile performance in a fast, safe and effective way. ED is an under reported and under treated condition with far-reaching consequences for men and their partners. With MED3000 we will be offering an over-the-counter treatment that is efficacious and well-tolerated, that works within minutes, is inclusive of the partner and facilitates intimacy for a more spontaneous sexual experience for both partners.”
1 Legal manufacturer means the organisation responsible for the design, manufacture, packaging and labelling of a device before it is placed on the market under that organisation’s own name, regardless of whether these operations are carried out by that organisation or on its behalf by a third party contract manufacturer.
Commercial Transaction Advisors
JSB Partners served as an adviser to Futura Medical in this transaction
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.