Petros to shift focus to development of tech as Rx-to-OTC switch solution

Petros Pharmaceuticals (PTPI) announces a shift in its corporate strategy to focus on the development of its proprietary technology platform as a prospective Rx-to-OTC switch solution across a multitude of conditions and existing Rx only therapies. If this Software as a Service and Software as a Medical Device concept is ultimately approved by the FDA, it could significantly serve the emerging self-care market currently estimated to be valued over $38Bnwith an expected compounded annual growth rate of 5.6% over the next 10 years. Fady Boctor, Petros’ President and CCO, commented, “During the past few years, as we focused on bringing STENDRA from Rx-to-OTC, we developed a methodology using our technology platform that we believe would facilitate the execution of an Rx-to-OTC switch for a wide variety of prospective drugs. We think that the development of this technology, considering recent FDA and HHS policies, along with advancements in artificial intelligence and quantum computing, presents a more lucrative and lasting commercial opportunity for Petros’ value potential.” Petros has developed a proprietary technology-assisted platform that, based on multiple research studies, could help pharmaceutical companies pursue Rx-to-OTC switches. The Company believes that further advancement of this technology, combined with the processing and calculative power of quantum computing, could provide significant opportunities for future pharma partnerships among companies seeking to extend access and commercial viability of their products through an OTC switch. In light of the Company’s new focus to monetize its proprietary Rx-to-OTC switch technology, the completion of the STENDRA Rx-to-OTC switch is no longer the Company’s primary objective.