By Elena Vardon

Shares in Futura Medical jumped 34% on Monday after the group said the U.S Food and Drug Administration granted it over-the-counter marketing authorisation for its MED3000 gel formulation for the treatment of erectile dysfunction.

At 0708 GMT, shares traded 14.7 pence higher at 57.6 pence.

The pharmaceutical company said MED3000 can now be marketed in the U.S. and sold without prescription.

"The FDA approval is a major de-risking event for the company," Chief Executive James Barder said.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

June 12, 2023 03:29 ET (07:29 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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