Futura Medical PLC (AIM:FUM, OTC:FAMDF), a pharmaceutical company specialising in sexual health products, has witnessed a 3% increase in its share price after securing a pivotal patent from the European Patent Office for MED3000, its erectile dysfunction (ED) gel.
The patent, which covers the product commercially known as Eroxon, extends protection across all European markets until the year 2040.
Investment bank Liberum said: "The shares have suffered a bout of profit-taking in the wake of all of the good news that has come through over the last 12 months and are looking increasingly interesting at these levels.
"Futura is rapidly building a reputation for delivering against its promise and hitting timelines and today’s news should increase investor confidence in future delivery."
Its price target is 131p - near 200% premium to the current price of 43.73p, up 1.23p.