Durham's Quantum Pharma lands new partnership to tackle erectile dysfunction
Durham-based Quantum Pharma Plc, a pharmaceutical manufacturer, developer and supplier to the health and care sectors, has announced a partnership with Futura Medical plc, a healthcare company specialising in a novel treatment for erectile dysfunction MED2002 .
Under the terms of a novel agreement, Quantum has been granted exclusive rights to manufacture and supply MED2002 as a special in the UK. In return Quantum will pay to Futura undisclosed royalty payments on the sale of the product.
A special is an unlicensed medicine which is prescribed to a patient when the licensed form of a drug does not meet their specific clinical need, or when there is no licensed form of drug available on the market suitable to treat their condition. Specials are requested and prescribed for treatment by appropriately qualified doctors under their own authority.
It is estimated by Futura that 7.5% of patients who suffer from erectile dysfunction cannot be prescribed PDE5 inhibitors, such as Viagra, owing to contraindications with other medicines they take. MED2002 is designed to meet this currently unmet need.
The Agreement is a related party transaction pursuant to Rule 13 of the AIM Rules for Companies as Quantum and Futura share the same Non-Executive Chairman, John Clarke. The Directors of Quantum, with the exception of Mr Clarke who has taken no part in the negotiation of the Agreement other than to effect the introduction between the parties to it, consider, having consulted with Zeus Capital, Quantum’s Nominated Adviser, that the terms of the Agreement are fair and reasonable insofar as Quantum’s shareholders are concerned.
Andrew Scaife, CEO of Quantum Pharma, said: “We are very pleased to be working with Futura to make MED2002 available on prescription as a special whilst Futura seeks to gain its marketing authorisation. MED2002 is a new and exciting product designed by Futura to meet an unmet medical need in the significant erectile dysfunction market.”
In the most recent data published by the NHS, spending on drugs to treat erectile dysfunction in General Practice in England exceeded £80m per annum.
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