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MARKET COMMENT
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Erectile dysfunction (ED) should arouse the interest of all growth investors. The British Journal of Urology predicts the number of men with ED to more than double to 322m worldwide by 2025. And at present, it is believed only one in ten men affected is seeking treatment. Pfizer (LSE: PFZ)(NYSE: PFE) has so far been the major beneficiary of this market. Since its 1998 launch, Viagra now racks up annual sales of nearly $2b for the US pharmaceutical group. Trouble is, Viagra and most of its rivals contribute relatively small amounts to their owner's overall profits. Investors therefore have to look further down the corporate ladder to find a pure play on the growing demand for ED treatments. One good candidate is Futura Medical (LSE: FUM), a £32m AIM-listed company that floated in July. Futura has two ED products in the latter stages of development: 'CSD500', a latex condom that incorporates an erectogenic compound, and 'MED2001', a rub-on cream aimed at those also suffering from angina. Notably, Futura is not aware of any similar products to CSD500, while MED2001 is reportedly the only cream-based treatment under development for the European market. Not surprisingly, there's not much to Futura's accounts. There have been no sales, losses of £2.5m have been accumulated since 2000 and £2m of cash is the only real asset. That said, CSD500 is expected to start generating revenues by this time next year. Significantly, Futura has already signed a marketing and distribution deal with SSL International (LSE: SSL), the world's largest branded condom manufacturer. The contract also prevents SSL from developing any directly competing products. It goes without saying Futura shares are not for the feint of heart. The share price performances of other innovative medical product favourites -- such as Osmetech (LSE: OMH), Aortech (LSE: AOR) and Medisys (LSE: MDY) -- have been exciting at times but ultimately disappointing. Still, Futura has a better story than most of its sector cousins and as part of a diversified health care portfolio, could very well stand proud one day. More: Futura Medical website