News blog
Futura Medical
- BY: Andrew Hore |
- POSTED: 21/09/2008 |
Futura Medical believes it is on the threshold of gaining EU marketing approval for is condom safety device.
Futura has a global distribution deal with Durex for CSD500, which is a condom that contains a gel additive that helps men maintain a better erection. The dossier is being reviewed by the authorities for the third time and Futura’s management thinks that it could be near to receiving approval.
The name of the new condom has been agreed but will not be announced until regulatory approval has been gained. The packaging will include the name of Futura’s gel, which is Zanifil. It will be a premium price product.
Futura will receive more than £1m in royalties for every 1% of market share gained by the new product. Futura’s annual costs are running at around £2.7m.
Futura has other potential products but they are at an earlier stage of development.
Futura has net cash of £1.7m and there is an equity facility that could provide a further £1m. The first half cash outflow was £940,000.
At 35p a share, Futura is valued at £19.6m.
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