Futura Medical Plc

Futura Medical the pharmaceutical company developing innovative sexual health products, has announced the appointment of Roy Davis as a non-executive director with immediate effect. Davis brings a wealth of commercial experience in medical devices companies and has a proven track record of successfully scaling companies and delivering substantial value for shareholders. He has held leadership positions at a number of publicly quoted medtech companies, including CEO of Optos, a retinal imaging device manufacturer, from 2008 to 2016 until its sale to Nikon for £259m in February 2015. From 2007 to 2008, Davis was CEO of Gyrus Group, a specialist in minimally invasive surgery and visualisation, until its acquisition by Olympus Corporation in 2008 for $1.9 billion. He is currently non-executive chair at LungLife AI, Foster and Freeman and Rair Health and was until recently, non-executive chair at Medica Group until its acquisition by IK Partners for £269 million earlier this year. On 7th December, it was announced that Davis will become a non-executive director and chair designate of Inspiration Healthcare Group with effect from 25th January 2024. Jeff Needham, chairman of Futura Medical said: “Roy brings with him significant commercial expertise and a proven track record of creating substantial shareholder value. His appointment will add to the depth and breadth of experience of the Futura Board as we continue to monetise our key asset, Eroxon, move towards profitability, and deliver on our strategy.” Roy Davis, said: “I am delighted to be joining the Board of Futura. The Company is providing novel solutions in the sexual health sector and has exciting opportunities ahead of it. I look forward to working with the Board and Executive Team to help execute the strategy and deliver shareholder value.”

Futura Medical, a pharmaceutical company developing a portfolio of products based on its proprietary, transdermal DermaSys drug delivery technology focused on sexual health, has announced that non-executive chairman, John Clarke has stepped down and is succeeded by existing non-executive board member, Jeff Needham. Clarke joined Futura on 1st November 2011 and has been part of driving the company’s strategy and success in securing commercial partnerships. His departure is part of a planned transition with Independent non-executive director, Needham succeeding Clarke as chairman. Needham has been a non-executive director of the company since October 2021. A search for a new non-executive director is underway and an announcement will be made in due course. The company continues its progress in broadening the distribution and availability of MED3000 across different markets, worldwide. James Barder, chief executive officer of Futura, said: “John has been an outstanding leader and has been instrumental in shaping the growth of Futura since his appointment. On behalf of the board and the Futura team I would like to thank him for his significant contributions and critical guidance and leadership. We wish John all the best for the future and in his new roles elsewhere. As the commercialisation of MED3000 continues to gather pace in the US and globally, we are fortunate to have a natural successor on the board. Jeff’s extensive experience and expertise with the consumer healthcare products industry, in particular in the US market, will be invaluable as Futura enters an exciting new chapter in its development.” John Clarke, departing chairman of Futura, commented: “Following yesterday’s announcement of the company’s US collaboration with global leading consumer healthcare company, Haleon, and as the company enters its next stage of growth, it is the appropriate time for me, after twelve years to move on. It has been a privilege to work with the Futura team, seeing transformational progress, growth and execution. Achieving FDA approval for our lead product MED3000 was a critical focus for me as chairman, significantly de-risking MED3000 and allowing the company to negotiate a US commercialisation deal that would make MED3000 available to consumers in the largest ED market worldwide. It is now a pleasure to pass the baton to Jeff who I trust to continue to lead the business on its next stage of growth and innovation."

Robert Barrie MED3000 (marketed as Eroxon in the UK) became the first erectile dysfunction gel available to patients in the US without the need for a doctor’s prescription following FDA approval in June. Image credit: Shutterstock/Gorodenkoff. UK-based Futura Medical has signed a deal with healthcare company Haleon to commercialise its over-the-counter (OTC) erectile dysfunction gel, Eroxon, in the US. Eroxon, also known as MED3000, became the first erectile dysfunction gel available to patients in the US without the need for a doctor’s prescription following approval from the US Food and Drug Administration (FDA) last month . Recommended Reports Reports Innovation in Pharmaceuticals: Cyclosporin derivatives GlobalData Reports Innovation in Pharmaceuticals: Pancreatic extract-based compositions GlobalData View all Companies Intelligence Pfizer Inc GSK plc Haleon Plc Futura Medical Plc GlaxoSmithKline KK View all Haleon, which spun out from GlaxoSmithKline (GSK) last year , will now be responsible for the rollout of Eroxon in the US – overseeing regulatory, development, marketing, and commercialisation progress for the treatment. In exchange, Futura will retain royalty payments on sales of the gel and receive an upfront payment of $4m. The sexual health pharmaceutical company is also in line to receive commercial and sales milestone payments up to a potential $45m. Shares in Futura rose 12% at market open on Monday 17 July compared to the pre-announcement market close (14 July). Futura’s gel, which is already available in the UK and Belgium, is directly applied to the glans of the penis and stimulates nerve sensors by a cooling and recovery warming effect. The gel is topical glyceryl trinitrate (GTN) delivered using the company’s DeraSys platform, which includes chemicals that help permeation through the skin. However, as the treatment itself works without a chemical reaction, it is classed as a medical device. The cooling creates a natural release of nitric oxide from the absorbed GTN, which leads to vasodilation in the penile arteries. PDE5 inhibitors such as sildenafil, known by the brand name Viagra and marketed by Pfizer , and tadalafil, which is marketed by Eli Lilly as Cialis – both of which have generic equivalents available – dominate the market share for erectile dysfunction treatment, although they can take 30 to 60 minutes to kick in and require a prescription. Eroxon’s evaporative mode of action, which leads to smooth muscle relaxation, means an erection is possible within ten minutes, according to Futura.