13th Jun 2016 10:13
LONDON (Alliance News) - Futura Medical PLC on Monday said it has chosen TTK Protective Devices Ltd to manufacture its erectogenic condom for worldwide supply and to market and distribute the product in India.
CSD500 is Futura's condom that incorporates an erectogenic gel known as Zanifil, and the company already had signed a separate deal with a European manufacturer for the product which is currently being marketed in the Netherlands. Erectogenic refers to a drug or device that produces an erection.
"It has always been our manufacturing strategy to offer CSD500's licensees the guarantee of supply by having dual sourced manufacture in Europe and in Asia," said Futura Chief Executive James Barder.
TTK Protective Devices is part of Indian conglomerate TTK Group and is a "pioneer in the condom business". It will manufacture CSD500 for worldwide supply, as well as distribute the product in India, with Futura receiving an upfront payment and royalties from product sales in return.
TTK owns the fastest growing condom brand in India, named SKORE, according to Futura, which has gained a 10% market share within three years of being launched. TTK is hoping the unique characteristics of CSD500 will, in turn, drive growth of its SKORE brand.
The deal needs to gain approval from the European Union, and Futura is expecting TTK to launch CSD500 in the first quarter of 2017.
In addition, the European manufacturer of CSD500 is awaiting regulatory approval to begin manufacturing a new version of CSD500 which has an extended shelf-life compared to the current shelf life of one year.
Futura shares were trading up 5.6% to 19.00 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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