Futura Medical PLC (LON:FUM) shares jumped higher on Wednesday after the firm said it had completed recruitment for the first European phase III clinical trial of its fast-acting treatment for erectile dysfunction (ED).
The headline data from the study is expected by the end of the year.
In the meantime, 1,000 men with mild, moderate and severe ED will be treated with MED2005. It will be administered at doses of 0.2%, 0.4% and 0.6% glyceryl trinitrate to assess efficacy.
Protocols for the pivotal clinical assessment incorporate feedback received from “world leading key opinion leaders” polled for their feedback, Futura said.
“The company's focus is now on the Phase 3 data read-out at the end of the year, which we hope will significantly clinically de-risk MED2005, and help provide commercial partners with greater certainty around the potential opportunity it presents," said chief executive James Barder.
The drug, which is a gel applied to the skin, is designed to mitigate some of the side-effects of pills for ED such as headaches. Being fast onset also gives MED2005 an advantage over the current medication.
In a note to clients, analysts at 'house' broker Liberum Capital said: "With a peak sales potential of £500mln and a market cap of just £52mln Futura is significantly undervalued in our view."
Liberum reiterated a 'buy' rating and 60p target price on Futura shares which, in midday trading, were 4.9% higher at 26.75p.
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