Futura Medical due $5m milestone payment from Haleon

Futura Medical, the consumer healthcare company behind Eroxon, announced on Monday that a $5m milestone payment had been triggered under its agreement with consumer products giant Haleon.

The AIM-traded firm said the milestone followed the successful distribution of online pre-orders and the availability of Eroxon in US retail stores.

It said the payment was expected to be received shortly.

Eroxon, Futura’s flagship product, is a clinically-proven sexual health product.

The milestone payment was another key step in its ongoing strategy to commercialise its products globally, with the US launch being a major milestone in the product’s growth.

At 1356 BST, shares in Futura Medical were up 2.77% at 33.45p.

Reporting by Josh White for Sharecast.com.