The Futura Medical PLC (LON: FUM) share price rose 5.56% after announcing that its distribution partner Labatec Pharma had received regulatory approval for MED3000 in the Kingdom of Saudi Arabia.
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MED3000 is Futura’s innovative topical, gel-based Erectile Dysfunction (ED) treatment, which will be marketed in Saudi Arabia under the brand name Eroxon®. The ED treatment’s launch is scheduled for Q4 2023 and will be exclusively handled by Labatech.
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The company noted that Saudi Arabia was one of the top ten ED markets globally, with 10.45% of married males reporting that they experience ED. Labatech is planning a launch symposium to showcase Erooxn at the 20th Urological Association of Asia Congress 2023.
The Urological Congress is being held from 28 September to 1 October 2023 alongside the 12th Emirates International Urological Conference in Dubai, United Arab Emirates. The two events present the perfect opportunity for Labatech to introduce Eroxon to potential clients.
Futura Medical is on a mission to grow its network of licensing and distribution partners. It continues strengthening its position, having been granted regulatory approval in six Middle Eastern countries, including the United Arab Emirates and the Kingdom of Saudi Arabia.
The regulatory approval in the Kingdom of Saudi Arabia comes shortly after the recent European and UK launches of Eroxon. The decision also comes on the heels of the FDA’s approval of MED3000 in the USA as the first clinically proven gel for the treatment of ED available without a doctor's prescription.
James Barder, Futura Medical’s CEO, said: “Regulatory approval in the Kingdom of Saudi Arabia paves the way for Eroxon to improve the lives of ED patients in this key market. Eroxon is a game changer in the ED space with its rapid speed of onset, helping men get an erection within 10 minutes. This approval comes at a pivotal time for the Company as we continue to grow and expand the availability of MED3000 globally by building out our licensing and distribution network.”
Futura Medical (FUM) share price.
The Futura Medical (FUM) share price rose 5.56% to trade at 55.10p, from Tuesday’s closing price of 52.20p.
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