Futura Medical PLC (AIM:FUM, OTC:FAMDF) has granted an exclusive licence for its topical, gel-based erectile dysfunction (ED) treatment MED3000 throughout the European Economic Area, United Kingdom and Switzerland to France-based group Cooper Consumer Health.
Under the agreement, Futura will receive initial upfront payments as well as undisclosed cumulative sales milestone payments
Cooper will also pay an agreed price for the manufacture of MED3000 and cover all launch and marketing expenses
Initially, the licensing agreement will run for five years according to EU competition law.
Cooper specialises in over-the-counter consumer products and will sell MED3000 in Europe without a prescription.
It carried out its own home use test on MED3000 in the UK, France and the Netherlands as part of its due diligence with results broadly similar to the FM57 clinical study, said Futura.
James Barder, Futura’s chief executive, said: "This is our fifth commercial agreement for MED3000, and we are excited to be working with Cooper.
“Aside from its significant experience and presence within the healthcare field we believe the close strategic alignment of the two companies makes this an excellent partnership.
Bart Meermans, Cooper’s CEO added: “We strongly believe this highly innovative OTC Medical Device will be able to help many men with ED, especially those with mild and moderate ED, to improve their erectile performance in a fast, safe and effective way.
“ED is an under-reported and under-treated condition with far-reaching consequences for men and their partners.”