Futura Medical shares swell as gross sales of erectile dysfunction gel increase

AIM-listed healthcare group Futura Medical expects to put up its ‘first significant revenues’ after the profitable UK launch of its over-the-counter erectile dysfunction drug.

Eroxon, which the group claims is the primary ‘clinically confirmed topical remedy’ for erectile dysfunction that doesn’t require a physician’s prescription, has already taken a 20 per cent market share amongst comparable merchandise within the UK and Belgium since its March 2023 launch.

Futura Medical informed buyers the success of the launch demonstrates the erectile dysfunction gel ‘helps to fulfill an unmet want’ within the UK and Belgium, because the group outlined its technique for international development.

Futura Medical shares swelled 33.6 per cent to 37p in early buying and selling on Tuesday.

Futura plots international Eroxon launches in 2024

Guildford-based Futura’s medical gel, which is known as MED3000 however marketed as Eroxon, claims it could work inside ten minutes and has fewer uncomfortable side effects than tablets. 

The success of its launch has allowed the group to increase its UK and Belgium distribution settlement with Cooper by way of to 2029, whereas the securing of an EU patent lasting till 2040 will see Eroxon rolled-out in ‘a minimum of 10 nations’, together with France, Italy and Spain, earlier than April this yr.

Futura has additionally secured Food and Drug Administration approval within the US, the biggest erectile dysfunction market on this planet, and a distribution settlement within the nation with shopper healthcare big Haleon.

During 2023, Eroxon additionally achieved approvals in Saudi Arabia, Mexico and Australia.

Futura informed buyers it expects to report gross sales of £3.1million for 2023, ‘adopted by a robust January’ with orders price £500,000, when it stories its full-year ends in April.

Eroxon usually retails for £24.99 for a pack of 4 –  roughly £6.25 per tube. 

The group boasted a gross margin of round 58 per cent as of 31 December with a money place of £7.7million.

Futura boss James Barder mentioned: ‘The supply of this progress, alongside the truth that we’ve an award-winning product, has given us a sturdy and broad platform to construct upon within the yr forward.

‘We are serving to to handle a difficulty that impacts one-in-five males globally throughout all grownup age brackets, with roughly half of all males over 40 experiencing ED and 25 per cent of all new diagnoses being in males below 40.

‘With the dimensions of the goal market and the progress we’re making to achieve it, we look ahead to the yr forward and assured of appreciable development acceleration over the medium time period – delivering progress in gross sales throughout a number of nations and broadening distribution by launching in new markets.’