Petros Pharmaceuticals Inc. (PTPI) stock is gaining in the current market after the company announced positive results of the Erectile Dysfunction Drug. PTPI stock values at $1.52, gaining more than 38.95% from the previous close. PTPI stock closed at $1.10 with a trading volume of 421.40K shares.
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Global Erectile Dysfunction Drugs Market
The lifestyle of the people is getting worse and is causing severe disease. An unhealthy routine is a leading cause that people are getting diagnosed with diseases. Amongst them, Erectile dysfunction is among the rising problems causing uncomforting situations for men and in relationships. The market for this disorder is increasing rapidly, and secondly, the patents for already available drugs are also expiring. As a result, the gap in this market is increasing, creating a space for new companies and products to enter this market.
The global market size of this market was around $3.6 billion in 2020. The market is expected to decline due to the people staying at home due to Covid-19. However, the market is expected to recover again in 2023 to reach $5.7 billion with a compound annual growth rate of 3.7%.
PTPI Announced Positive Results
Today, Petros Pharmaceuticals, Inc. (PTPI) announced promising findings from an OTC draught label comprehension study for its ED medication STENDRA (avanafil). The FDA may approve the draught drug facts labelling language for over-the-counter labelling based on these findings.
According to the Pivotal Label Comprehension Study, 453 people were interviewed about STENDRA’s draught medication information labelling. Participants in the study understood the suggested OTC labelling. More than 95% of participants correctly understood nine major communication messages. They asked if STENDRA can be used by people who take nitrate medicine or do not have erectile dysfunction. The comprehension of low health literacy persons, despite being slightly lower than those with a higher grasp of health, nonetheless showed a high degree of comprehension.
According to estimates, only a quarter of the estimated 30 million men in the United States who have erectile dysfunction have undergone oral erectile dysfunction treatment. The new drug could play a key role in targeting this segment.