NEW YORK - Petros Pharmaceuticals, Inc. (NASDAQ:PTPI), a leader in over-the-counter drug development programs, has partnered with telehealth provider Lemonaid Health to offer the erectile dysfunction (ED) medication STENDRA (avanafil) to a broader customer base. Lemonaid Health, a subsidiary of 23andMe Holding Co. (NASDAQ:ME), is known for its nationwide telemedicine services and will now include all strengths of STENDRA in its prescription offerings.
STENDRA, an oral phosphodiesterase 5 (PDE5) inhibitor, is designed for the treatment of ED and can be taken approximately 15 minutes before sexual activity, according to clinical studies. This medication is not intended for use in women or children under 18 years of age. The company emphasizes the importance of consulting a healthcare provider before using STENDRA, especially for individuals with heart conditions or those taking other medications that may lead to hypotension.
Petros Pharmaceuticals' President and Chief Commercial Officer, Fady Boctor, expressed enthusiasm for the collaboration, highlighting the potential to increase STENDRA's brand awareness and accessibility. The company is also pursuing the possibility of converting STENDRA to an over-the-counter medication, which could make it the first prescription-grade ED therapy available without a prescription if approved by the FDA.
Lemonaid Health has a track record of treating a significant number of ED patients across the United States. With this partnership, the telehealth platform aims to provide discreet and legal access to STENDRA for millions of men dealing with this condition.
The most common side effects reported with STENDRA include headache, flushing, nasal congestion, nasopharyngitis, and back pain. Patients are advised to seek emergency treatment if an erection lasts longer than four hours or if they experience sudden vision or hearing loss.
This announcement is based on a press release statement from Petros Pharmaceuticals, which includes forward-looking statements about the company's strategy and the potential FDA approval for STENDRA as an over-the-counter treatment. These forward-looking statements are subject to risks and uncertainties, and actual outcomes may differ from those projected.
InvestingPro Insights
Petros Pharmaceuticals (NASDAQ:PTPI) is navigating a challenging financial landscape, as reflected in its recent market performance and balance sheet metrics. The company's market capitalization stands at a modest 4.24 million USD, signaling a relatively small player in the pharmaceutical industry. Despite this, PTPI holds a notable advantage with more cash than debt on its balance sheet, which could provide some financial flexibility as they seek FDA approval for over-the-counter sales of STENDRA.
From an investor's sentiment perspective, PTPI's stock is currently in oversold territory according to the Relative Strength Index (RSI), which might suggest a potential for rebound if the company's strategic initiatives, such as the partnership with Lemonaid Health, start to resonate positively with the market. However, it's important to note that the stock has experienced a significant decline over the past year, with a price total return of -85.38% as of the latest data. This underscores the volatility and the high-risk nature of investing in PTPI at this juncture.
The company's financial performance over the last twelve months has been challenging, with an operating income margin of -184.84%, reflecting the costs outweighing the revenues significantly. This is corroborated by analysts' projections that the company will not be profitable this year. For investors considering PTPI, it's crucial to weigh these financial realities against the potential market opportunities presented by the new telehealth partnership and the pursuit of an over-the-counter status for STENDRA.
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