Futura Medical shares swelled as sales of Eroxon erectile dysfunction gel boomed last year
- Over-the-counter drug Eroxon is seeing a successful launch in the UK and Belgium
- Futura Medical will roll out the drug in a number of countries in 2024
AIM-listed healthcare group Futura Medical expects to post its “first meaningful revenue” following the successful UK launch of its over-the-counter erectile dysfunction drug.
Eroxon, which the group claims is the first “clinically proven topical treatment” for erectile dysfunction that does not require a doctor’s prescription, has already captured a 20 per cent market share among similar products in the UK and Belgium since its launch in March 2023.
Futura Medical told investors that the success of the launch demonstrates that the erectile dysfunction gel “helps meet unmet needs” in the UK and Belgium, where the group has outlined its global growth strategy.
Future Medical Shares swelled 33.6 per cent to 37p in early trading on Tuesday.
Futura plans to launch Eroxon globally in 2024
The medical gel produced by Guildford-based Futura, called MED3000 but marketed as Eroxon, claims it can work within ten minutes and has fewer side effects than pills.
The success of its launch has allowed the group to extend its UK and Belgium distribution agreement with Cooper until 2029, while an EU patent lasting until 2040 will see Aeroxon deployed in “at least 10 countries”, including France. Italy and Spain, before April this year.
Futura has also received FDA approval in the US, the world’s largest erectile dysfunction market, and has secured a distribution agreement in the country with consumer healthcare giant Haleon.
During 2023, Aeroxon also received approvals in Saudi Arabia, Mexico and Australia.
Futura told investors it expects to report sales of £3.1m for 2023, “followed by a strong January” with orders worth £500,000, when it reports full-year results in April.
Eroxon usually retails at £24.99 for a pack of four – around £6.25 per tube.
The group boasted a gross margin of around 58 per cent as of December 31 with a cash position of £7.7 million.
“Making this progress, coupled with the fact that we have an award-winning product, has given us a strong and broad platform to build on in the coming year,” said James Barder, President of Futura.
“We are helping to address an issue that affects one in five men globally across all adult age groups, with nearly half of men over 40 experiencing ED and 25 percent of all new diagnoses in men under 40 year.”
“With the size of our target market and the progress we are making to reach it, we look to next year confident of significant growth acceleration in the medium term – driving sales progress across multiple countries and expanding distribution through product launches in new markets.
(tags for translation) Daily Mail