10th Mar 2014 11:43
LONDON (Alliance News) - Futura Medical PLC Monday said it expects to launch its CSD500 condom in several countries in the second half of this year, including one launch using its own brand name, a rollout that will continue into 2015 and beyond.
The biotechnology company has developed the condom, which is lined with a gel that promises to increase blood flow to the male member, giving gigger, firmer erections, and has spent recent months arranging distribution and licensing deals covering key countries and regions.
It said Saudi Pharmacy Group, which holds licensing rights for key countries in the Middle East and North Africa region, intends to launch the condom under an undisclosed brand name as soon as practicable during 2014.
Meanwhile, Church & Dwight, which has rights to CSD500 in North America and key European markets, has been making significant progress in its launch plans although precise details and timings are commercially sensitive, Futura said.
The company said it will also be launching the condom under a brand name that it will own in at least one mainland European country later this year. It said the country is not one that is has an existing licensing deal for.
"Our decision to launch the product in at least one European country under a Futura brand name using outsourced distribution adds a further route to market for CSD500 and also broadens our business model as we focus on commercialising our product pipeline," Futura Chief Executive James Barder said in a statement.
"We expect the product to be initially launched during 2014 in certain territories in the Middle East, Europe and potentially South America pending the conclusion of commercial negotiations. We anticipate further launches in a number of other territories in 2015 and beyond," he added.
The update came after it Friday raised GBP12.0 million in a placing, money it said it will use to fund the development of its sexual healthcare and pain relief products, accelerate their launch in more countries, and for working capital.
As well as the CSD500 condom, Futura is developing a sexual performance enhancement spray for men, and a topical gel for the treatment of men with erectile dysfunction. Its pain relief portfolio currently has three topical gels in development.
Futura Medical shares were up 0.4% at 66 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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