Futura Medical PLC (AIM:FUM, OTC:FAMDF) has reported an encouraging growth trajectory for its erectile dysfunction gel, Eroxon.
In an update ahead of the company's annual general meeting, the firm announced that initial orders and market demand for the product had met expectations, with net revenues for the six months ending 30 June 2023 expected to reach at least £1.5mln.
Futura's finances have been further bolstered by a cash injection of £4.37mln following a warrant exercise by a long-standing institutional investor and approximately £250,000 in additional milestone payments.
Summarising 2022's progress, Futura highlighted the company's deal for the commercialisation of Eroxon in the EEA, UK, and Switzerland with Cooper Consumer Health.
A major landmark was the approval from the US Food & Drug Administration (FDA) to market MED3000 as the first over-the-counter topical treatment for erectile dysfunction in the US.
"This will support our strategic priority of unlocking the value of the US market and we look forward to further updating shareholders on our US commercialisation plans in due course," investors were told.