Futura Medical shares swell as sales of its erectile dysfunction gel Eroxon boom in the past year

AIM-listed healthcare group Futura Medical expects to post its ‘first meaningful revenues’ after 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 taken a 20 per cent market share among similar products in the UK and Belgium since its March 2023 launch.

Futura Medical told investors the success of the launch demonstrates the erectile dysfunction gel ‘is helping to satisfy an unmet need’ in the UK and Belgium, as the group outlined its strategy for global growth.

Futura Medical shares swelled 33.6 per cent to 37p in early trading on Tuesday.

Futura plots global Eroxon launches in 2024

Guildford-based Futura’s medical gel, which is 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 through to 2029, while the securing of an EU patent lasting until 2040 will see Eroxon rolled-out in ‘at least 10 countries’, including France, Italy and Spain, before April this year.

Futura has also secured Food and Drug Administration approval in the US, the largest erectile dysfunction market in the world, and a distribution agreement in the country with consumer healthcare giant Haleon.

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

Futura told investors it expects to report sales of £3.1million for 2023, ‘followed by a strong January’ with orders worth £500,000, when it reports its full-year results in April.

Eroxon typically retails for £24.99 for a pack of four –  roughly £6.25 per tube. 

The group boasted a gross margin of around 58 per cent as of 31 December with a cash position of £7.7million.

Futura boss James Barder said: ‘The delivery of this progress, alongside the fact that we have an award-winning product, has given us a robust and broad platform to build upon in the year ahead.

‘We are helping to address an issue that impacts one-in-five men globally across all adult age brackets, with approximately half of all men over 40 experiencing ED and 25 per cent of all new diagnoses being in men under 40.

‘With the size of the target market and the progress we are making to reach it, we look forward to the year ahead and confident of considerable growth acceleration over the medium term – delivering progress in sales across multiple countries and broadening distribution by launching in new markets.’

This post first appeared on Dailymail.co.uk