Interim Results for the Six Months ended 30 June 2023
Futura Medical plc (AIM: FUM), the pharmaceutical company developing innovative sexual health products, is pleased to announce its unaudited interim results for the six months ended 30 June 2023 (“H1 2023”).
MED3000, under the brand name Eroxon®, is the first pan-European clinically proven topical treatment for Erectile Dysfunction (“ED”) available without the need of a doctor's prescription ("OTC").
MED3000 – Successful product launches and FDA approval
- EU: Eroxon® launched in April 2023 in Belgium and the UK
- Positive launch sales in the UK and Belgium indicate around 20% market share of clinically proven ED treatments.
- Sales predominantly incremental to existing clinically proven ED treatments highlighting patient demand for Eroxon®’s key product characteristics and supporting the positioning of Eroxon as a new category.
- Positive initial signs of repeat consumer demand.
- USA: In June 2023, MED3000 was granted marketing authorisation by the FDA to be legally marketed in the USA, the biggest consumer healthcare market globally, as the first effective, clinically proven OTC treatment for ED.
- Initial Revenues generated by sales of Eroxon® of £1.7 million H1 2023 (H1 2022: nil)
- Net loss of £1.76 million (H1 2022: £2.46 million)
- Cash position at 30 June 2023: £7.8 million (30 June 2022: £6.68 million)
- Cash position as at 31 August 2023: £9.36 million which includes $4 million upfront milestone payment from Haleon plc (“Haleon”).
Post period highlights
- USA: Futura entered into a ground-breaking licensing agreement in July 2023 with Haleon, the world leading consumer healthcare company, for exclusive rights to commercialise MED3000 in the USA.
- Under the agreement, Futura received an upfront payment of $4 million and will receive royalty payments on all sales, and potentially up to a further $45 million in commercial and performance driven sales milestone payments.
- Middle East: MED3000 marketing authorisation granted in six Middle Eastern countries.
- Marketing authorisation under the Eroxon® brand name recently granted in the Kingdom of Saudi Arabia, one of the top ten ED markets in the world by value.
- Initial Middle East launch planned in Q4 2023.
- Jeff Needham appointed Chairman in July 2023. Jeff, has been a member of Futura’s Board since October 2021 and succeeds John Clarke. The search for a new Non-Executive Director is at an advanced stage.
James Barder, Chief Executive Officer, Futura Medical said: "Futura has maintained the momentum achieved over the past three years by delivering its first significant recurring revenues. The Company has achieved major milestones including the successful launches of Eroxon® in the UK and Belgium and most recently online in Italy, France and Spain, received US FDA approval of MED3000 and signed the subsequent US commercialisation agreement with Haleon, one of the largest consumer healthcare companies in the world. We look forward with growing confidence to the remainder of 2023 and are now on the path towards sustained profitability by 2025.
Jeff Needham, Chair of Futura Medical commented: “The Company has made significant progress during the first half of the year and the Futura team is excited to be building a valuable, high-quality brand and profitable business. As Futura enters an exciting new chapter in its development, on behalf of the Board I would like to thank our shareholders for their continued support. I also wish to extend our thanks to John Clarke for his service to the Company as Chairman over the years. He leaves the Company in a strong position, poised for rapid growth.”
The Executive Team have hosted a pre-recorded webcast presentation which is now available within the Investor Centre section of the Futura company website at https://www.futuramedical.com/.