Futura Medical, a company developing a portfolio of products based on its proprietary, transdermal DermaSys drug delivery technology and currently focused on sexual health and pain, has entered into a licensing agreement with Menarini Korea, a subsidiary of Menarini Group, for the exclusive rights to commercialise the company's gel-based Erectile Dysfunction (ED) treatment MED3000 in South Korea.
Under the terms of the agreement, Futura will support Menarini to gain marketing authorisation and in commercialising MED3000 as a clinically proven treatment for ED in South Korea.
Menarini will be responsible for all costs related to the regulatory approval and marketing of the product in the region, including a clinical bridging study if necessary. Futura will provide reasonable technical support for product development and commercialisation and will receive an upfront payment and provide manufactured product from Futura's contract manufacturing organisation.
James Barder, chief executive of Futura said: "We are delighted to have reached an agreement with a prestigious company that operates in a key Asian market such as South Korea. Menarini is a trusted partner in the region that is perfectly situated to market retail products, with local teams that have deep understanding and experience of the South Korean market as well as significant expertise and a track record in rapidly registering and launching new products. We look forward to collaborating closely with the team at Menarini.
"Futura is continuing to build a strong and specialist distribution network for MED3000 across the globe and we are particularly focused on covering the key, top 15 markets for ED especially where the product already has been granted regulatory approval. We look forward to providing further updates on commercialisation as soon as possible."
Hyeyoung Park, general manager of A. Menarini Korea added: "The commercialisation agreement to license-in Futura's MED3000 is a significant milestone for enhancing Menarini's Men's Health portfolio in South Korea. According to the Korean Urological Association's report on Erectile Dysfunction patients in South Korea, there are approximately 2.3 million men suffering from ED in the region, including patients with underlying etiology. MED3000 has been clinically studied for its onset speed and safety profile and has the potential to be a meaningful treatment option for Korean ED patients. Based on our extensive reach to physicians, multi-channel marketing capabilities, strong core values, and established track record in product launch, we are confident in generating significant value and long-term sustainable growth for both Futura and Menarini.
"The global ED prescription market is estimated to be in excess of $3 billion amongst the leading 15 markets with volumes growing in the past year by 8%. The USA ranked 1st and Korea ranked 9th in terms of value and measured by volume, Brazil is ranked 1st, USA 2nd, and Korea 6th. The UK is ranked 9th and 14th measured by value and volume, respectively."