MED3000 Commercial potential

Lead product, MED3000 is approved as a medical device in the EU and was launched in March and April 2023 in certain countries in Europe with more countries to follow. It becomes the first clinically proven, pan-European OTC topical treatment for erectile dysfunction available without a doctor’s prescription.

The EU authorisation paves the way for approval in many countries around the world, including in Latin America, the Middle East, Africa and the Far East regions, with many countries considering “fast-track" review based on recognition of the EU CE mark. Marketing authorisation has now been received in five Middle Eastern countries with more to follow.

MED3000 is a unique and highly differentiated easy to use topical gel for erectile dysfunction which has Phase 3 clinical data demonstrating highly statistically significant improvement across all ED severities.

The ED market is a well-established market with sales of ED treatments worth US$3.1 billion in 2020. Despite their success PDE5i’s have certain limitations. Although proven highly efficacious, oral PDE5i’s are not a suitable treatment for many men. They are contraindicated for use with a number of medications such as nitrates, anti-hypertensives and alpha blockers. They generally take significant time to work requiring pre-planning for sexual intercourse.  ‘On demand’ oral treatments only starts to work in 30-60 minutes. As a result many men and their partners are dissatisfied with PDE5i’s and it has been estimated that almost 50% discontinue use after one year³. In most countries oral PDE5i’s are only available as a prescription only product which presents too high a barrier for many men who are too embarrassed to seek treatment, for whom the process is not convenient enough or who find the cost of the physician and medicine prohibitive in countries such as the US.

There are clearly significant unmet needs for ED sufferers. In early 2023, Futura personnel, alongside representatives from our commercial partners, attended the European Society for Sexual Medicine Congress in Rotterdam where we presented clinical data on MED3000. We co-hosted an Eroxon^® stand and received positive interest from congress attendees who welcomed the new innovation in ED. 

US market research conducted in 2022 by IPSOS and commissioned by Futura has confirmed that even with increasing volumes the requirement of a doctor’s prescription remains both an economic and emotional barrier to use: US patients spend between US$600 and US$3,500 per annum on ED treatments, when taking into account both prescription costs and doctors’ visits not covered by insurance⁴. This reconfirms the significant opportunity that MED3000 represents with OTC availability at a likely retail price in the region of US$5 per dose in the USA.

The key findings of the market research showed that the respondents believed that the product, once approved, would be highly differentiated from existing products. In particular consumers found the speed of onset highly appealing.

We are executing upon our strategic plans to establish a global network of licensing and distribution partners with brand building strength, healthcare credibility, regional infrastructure and marketing expertise in order to make MED3000 a long term profitable and sustainable brand for shareholders. profitable. We have chosen partners who have demonstrated their enthusiasm for MED3000 and for whom its success will be meaningful whilst being firmly focused on our goal of delivering long-term and sustainable value to the Company. The Company has entered into commercial licensing deals in key markets for ED in regions such as the US, the EU,  South and Central America, the Middle East and South Korea with our latest deal being with Haleon, a world’s leading consumer healthcare company, for the rights to the US.

In March 2023 MED3000 under the brand name Eroxon^® was launched online across Europe marking a milestone for the brand and the Company. This was followed in April 2023 with the first launches in Belgium and the UK in retail pharmacies supported with marketing and promotional advertising, and with the launch in October in the United Arab Emirates under the Eroxon^® brand, with other countries expected in the coming months.

Initial European Sales of Eroxon^® have exceeded targets

Following its initial launch online across Europe in March 2023 and being made available to purchase in Belgium and in retail pharmacies in the UK in April 2023, whilst early days, our distributor has reported strong sales and the Futura Board believes this underlines the unique product differentiators that Eroxon® brings to clinically proven ED treatment options. As reported during our investor seminar in late June, feedback from our distributor noted that in its first week of sales, Eroxon® was the fastest selling product on Boots.com, at a rate of "one sold every 30 seconds" and was the most successful OTC launch Boots had seen in a long time, winning the "New Product of the Year, Healthcare" category at the Boots Supplier Awards 2023. Upon launch in April 2023, Eroxon was exclusively available within Boots for Pharmacy sales in the UK, where Eroxon® is available in over 1,000 stores across the country. Our distributor is now rolling Eroxon® out across other key retailers and we expect Eroxon® to be available in over 2,500 stores across the UK by the end of 2023. This represents a distribution reach, in the UK, of around 70%.

Eroxon® sales are on track to exceed expectations versus its original first year forecasts, with Eroxon® suggesting  around a 20% share of the clinically proven ED treatment market, with these being largely incremental, demonstrating encouraging early signs of consumer acceptance and repeat purchase. Feedback has been positive, with a very low level of complaints received regarding lack of efficacy and side effects, which the Futura Board believes illustrates a high degree of consumer satisfaction.

By end of H1 2024, our distributors will look to move into the next phase of its rollout and launch of Eroxon® with at least a further ten new country launches.

Ground-breaking licensing agreement with Haleon

Following the FDA approval, the Company announced in July 2023 that it had entered into a ground breaking licensing agreement with world leading consumer healthcare Company Haleon plc for the rights to exclusively commercialise MED3000 in the USA. As part of the agreement, Futura received an initial upfront payment of $4 million, will receive further royalty payments on all sales, and potential commercial and performance driven sales milestone payments totalling between $5 million and $45 milliom payable over the course of several years.

With the USA being the largest potential ED market OTC in the world and the majority of ED sufferers in the country currently not treating their condition, MED3000 has the opportunity to meet the needs of many of these ED sufferers by providing access to an effective and fast-acting treatment with an excellent safety profile that can be purchased without a prescription.

US commercial opportunity

Independent Ipsos market research from 2022, commissioned by Futura, demonstrated dissatisfaction from ED sufferers with PDE5i's, especially among Viagra® users.

The research has further shown that US men spend between $600 and $3,500 per year on the treatment of their ED (including out of pocket cost for medication, doctor visits, refills and extra costs for additional doses). The price difference being made up by whether the patient is prescribed generic or more expensive branded PDE5i's. The research also indicated that the average US man with ED attempts intercourse around 70 times per year. Assuming a $5-$8 cost per single dose tube, this would equate to $350-$560 per year - making MED3000 a cost effective solution.

Futura is committed to delivering long-term and sustainable value to the Company allowing a long-lasting growth franchise to be built around MED3000 either under the Eroxon® brand or potentially an alternative brand depending on regulatory and commercial circumstances in different markets.

As part of building the commercial proposition for MED3000 and supporting its regulatory approval Futura has developed an illustrative pack that licensing partners can select to use at their discretion. The illustrative pack below is based on claims approved in Europe.

Click here to visit the Eroxon^® parent website