Futura Medical plc, a pharmaceutical company developing sexual health products, has announced its unaudited interim results for the six months ended 30 June 2023. The company's product, MED3000, under the brand name Eroxon, is the first pan-European clinically proven topical treatment for Erectile Dysfunction (ED) available without a doctor's prescription. The product has been successfully launched in Belgium and the UK, with positive sales indicating around 20% market share of clinically proven ED treatments. The company has also received marketing authorization from the FDA to legally market MED3000 in the USA as the first effective, clinically proven OTC treatment for ED.
In terms of financial highlights, Futura Medical generated initial revenues of £1.7 million from sales of Eroxon in H1 2023, compared to nil in H1 2022. The net loss for the period was £1.76 million, compared to £2.46 million in H1 2022. The company's cash position as of 30 June 2023 was £7.8 million, compared to £6.68 million as of 30 June 2022. The cash position as of 31 August 2023 was £9.36 million, which includes a $4 million upfront milestone payment from Haleon plc.
In post-period highlights, Futura Medical entered into a licensing agreement with Haleon in July 2023 for exclusive rights to commercialize MED3000 in the USA. Under the agreement, Futura received an upfront payment of $4 million and will receive royalty payments on all sales, as well as potentially up to a further $45 million in milestone payments. Additionally, MED3000 has received marketing authorization in six Middle Eastern countries, with an initial launch planned in Q4 2023.
Jeff Needham was appointed Chairman of Futura Medical in July 2023, succeeding John Clarke. The company's CEO, James Barder, expressed confidence in the company's progress and stated that they are on the path towards sustained profitability by 2025. Jeff Needham, the new Chairman, commented on the significant progress made by the company and expressed excitement about building a valuable and profitable business.