Futura Medical out-licenses MED3000 for key Latin American markets
Shares of Futura Medical (AIM: FUM) moved higher yesterday, as it announced that it has entered into a licensing agreement with m8 Pharmaceuticals, a specialty biopharmaceutical company focused on commercialization in Latin America, for the rights to exclusively develop and commercialize the company's topical, gel-based erectile dysfunction (ED) treatment MED3000, in Brazil and Mexico.
Commercial Highlights:
- Futura to receive payments on all sales of MED3000 from m8;
- Futura is also eligible to receive up to $8.5 million in milestone payments based on deliverable sales volumes, including a small initial upfront payment
- m8 is responsible for all local MED3000 development and regulatory costs in Brazil and Mexico as well as marketing expenses and ongoing pharmacovigilance and safety within the region
- m8 is a specialty biopharmaceutical company, headquartered and incorporated in the USA and focused on licensing, marketing and distributing innovative and established therapeutics in the two largest Latin America markets: Brazil and Mexico.
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