Futura Medical PLC (AIM:FUM, OTC:FAMDF) said 2023 was a pivotal year in its commercial journey, marking the successful launch of Eroxon, an over-the-counter treatment for erectile dysfunction (ED), and the product's approval in the US.
Sign-off by the Food and Drug Administration (FDA) opens the world's largest market for ED treatments, while a strategic partnership with Haleon PLC (LSE:HLN, NYSE:HLN), the consumer healthcare giant behind Advil and Voltrarol, will allow Futura to fully exploit the opportunity.
First launches of the product, a fast-acting gel, took place in the UK and Belgium, under a deal with Cooper Consumer Health, and exceeded expectations, capturing over 20% market share in these regions within the first year.
Financially, the company has reported its first meaningful revenues - £3.1 million for the year - and ended 2023 with £7.7 million in the bank.
"I am incredibly proud to report that we have delivered on the three key objectives that we set out in 2023: achieving regulatory approval in the US; progressing commercial discussions by securing a standout distribution partner in Haleon for the largest consumer healthcare market in the world and reporting our first meaningful revenues," said CEO James Barder.
"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."