LONDON (ShareCast) - (Sharecast News) - Futura Medical has entered into a licensing agreement with M8 Pharmaceuticals, a specialty biopharmaceutical company focused on commercialisation in Latin America, for the rights to exclusively develop and commercialise its topical, gel-based erectile dysfunction (ED) treatment MED3000 in Brazil and Mexico, it announced on Tuesday.
The AIM-traded firm said it would receive payments on all sales of MED3000 from M8, and would also be eligible to receive up to $8.5m in milestone payments based on deliverable sales volumes, including a small initial upfront payment.

M8 would be 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.

Futura described M8 as a specialty biopharmaceutical company based and incorporated in the United States, focussed on licensing, marketing and distributing "innovative and established" therapeutics in the two largest Latin American markets, Brazil and Mexico.

"We are excited to be entering into this agreement with m8 to expand MED3000's market reach to Brazil and Mexico, both significant markets for ED," said chief executive officer James Barder.

"We are very pleased to have a partner with m8's dedicated launch, brand-building and marketing experience as well as resources and strong pharmaceutical connections in Latin America.

"We look forward to working closely with their team."

At 1442 BST, shares in Futura Medical were up 2.8% at 39.17p.

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