Futura Medical PLC (AIM:FUM) has inked its third major commercial agreement for MED3000, its fast-acting erectile dysfunction gel.
It has teamed up with a Swiss company called Labatec Pharma, which will oversee the regulatory sign-off of the product in the Gulf Co-operation Council (GCC) region as well as Jordan, Lebanon and Iraq.
Under the terms of the eight-year deal, Futura said it would be eligible for undisclosed upfront and milestone payments, with Labtec incurring the development, regulatory and marketing costs.
The relationship can be extended by two years by mutual consent.
Futura chief executive James Barder said "This is our third commercial agreement for MED3000, and we are excited to be working with Labatec to expand the product's market reach into Middle Eastern countries as we continue MED3000's regulatory and commercial rollout worldwide.
“Labatec is a trusted medicines supplier in the region that is ideally placed to market both prescription and retail products, and its local teams have deep understanding of regional markets and experience in rapidly registering and launching new products. We look forward to working closely with them."
The group currently has collaboration agreements covering Brazil and Mexico as well as south-east Asia.