Petros Pharmaceuticals, Inc. (PTPI) has seen a push of 1.85% in aftermarket. However, the last trading session closed at $2.7 with an increase of 14.41%.
Results for Erectile Dysfunction Drug STENDRA – Latest Updates
On 8th December 2021, PTPI announced that STENDRA had favorable draught label comprehension study findings. This research is an important part of the company’s efforts to talk to the FDA about expanding the product’s availability via an OTC application. Early research signs point to favorable label comprehension outcomes, prompting the Company to move on to the next phase. The next phase is about a Self-Selection Study, as it continues to strengthen the case for OTC access to STENDRA with the FDA.
The label comprehension research is an important part of the strategy to expand STENDRA’s availability further than the prescription model. This is done with the goal of making STENDRA the first prescription-grade ED drug available over-the-counter in the US. While the company continues to gather data to discuss with the US Food and Drug Administration (FDA), they are excited about the progress towards bringing fresh hope for the millions of men who suffer from this ailment. Furthermore, PTPI is looking into a variety of options to extend access to STENDRA, including switching to OTC. They are committed to men with ED by offering new and inventive ways for them to access this medicine in a safe, secure, and discrete manner.
Third Quarter 2021 Results – Updates
On 15th November 2021, PTPI announced third quarter 2021 results. The company reported net sales of $2.2 million. Moreover, the gross profit was $1.8 million. Overall gross margins grew by 1,300 basis points to 85 percent from 72 percent the year before. In addition, medical device gross margins fell to 64% in the third quarter from 75% the year before. The third quarter of 2021 saw $3.6 million in selling, general, and administrative costs, $3.1 million more than the previous quarter. Higher expenditures linked with the Metuchen merger accounted for the rise in selling general and administrative expenses in the third quarter. Last but not least, research and development costs were over $281,000, compared to around $37,000 the previous year.
How was the quarter?
The company is making headway on the plans, notably in acquiring over-the-counter status for STENDRA. Moreover, PTPI finished enrolling participants in the pivotal-grade label comprehension study in July, which is an important step in the efforts to get STENDRA labeled as an over-the-counter medicine with the US Food and Drug Administration (FDA). Moreover, the company feels that the market opportunity is considerable, even if the company is still in the early phases of the process. There are currently no FDA-approved non-prescription erectile dysfunction treatments on the market. If successful, PTPI thinks this designation will drive robust STENDRA growth for years to come while also considering expanding the market.