MED2002 is a rapid onset gel designed for those men where the current pill-based treatments aren’t appropriate or carry significant side-effects.
The update on progress was provided in the company’s interim results statement.
Chairman John Clarke said: “Discussions towards the out-licensing of MED2002 advanced materially during the year and, as previously stated, we believe that a commercial out-licensing agreement will be announced in the first half of this year though, of course, the timing will also be determined by the detail of negotiations.”
Boost for investors
The news will buoy shareholders and comes only a day after Futura said interim data indicated its lead drug can be administered in at least two higher-strength doses.
This has a knock-on positive impact for the imminent Phase III clinical trial of MED2002, which is hoped will rubber stamp its huge potential.
Futura’s main commercial product is an erectogenic condom, which was launched in Saudi Arabia with roll-outs in other countries underway or planned.
Skin-focused delivery mechanism
And the company is using its skin-based delivery mechanism to repurpose common painkillers diclofenac and ibuprofen into fast-acting gels.
The company has signed its first out-licensing deal for the technology, known as TPR100, and is in other commercial discussions.
The company’s proprietary technology, the foundation of its product and product candidates, is called DermaSys that delivers active ingredients through the skin in a more effective way than other gel-based systems.
It is both versatile and bespoke in that it can be tailored to suit the specific active compound being used and the therapeutic indication.
For example, in pain relief, this translates into a deeper and longer duration of action, while for erectile dysfunction treatment it enables rapid onset.
Financially, Futura is on solid foundation with just under £8.4mln in the bank as at the year-end.
As is common for companies at this pivotal time in their development, Futura was loss-making for the six months to December 31. The net loss was £3.7mln – marginally above the deficit posted at the same point last year.