Licenses CSD500 in South Korea
08 September 2014
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, announces that it has signed an exclusive licensing agreement with Kwang Dong Pharmaceutical Co Ltd ("Kwang Dong Pharmaceutical") for the marketing and distribution of CSD500, Futura's novel condom, in South Korea.
Kwang Dong Pharmaceutical is based in South Korea's capital, Seoul, and is an established healthcare company with ambitious growth plans. It develops, markets and distributes products and its portfolio includes a broad range of prescription, over-the-counter and health products.
Under the terms of the agreement, Kwang Dong Pharmaceutical will hold exclusive rights to market and distribute CSD500 in South Korea. Financial details are not being disclosed although Futura will receive an upfront payment and royalties on all product sales along with certain minimum performance guarantees.
The agreement with Kwang Dong Pharmaceutical is the latest in a series of deals in which Futura is licensing rights to CSD500 on a territorial basis. Rights to CSD500 have already been licensed in North America, key European countries, Scandinavia, the Middle East, North Africa and China.
Sung-Won Choi, Chief Executive Officer of Kwang Dong Pharmaceutical, stated: "We are very pleased to be working with Futura Medical plc and to add such an innovative product to our portfolio. CSD500 could be a great option for people suffering from erection loss whilst wearing a condom and, using our substantial sales force, we look forward to maximising the product's market potential."
James Barder, Futura's Chief Executive, commented: "We are delighted to sign this exclusive agreement with Kwang Dong Pharmaceutical for the marketing and distribution of CSD500 in South Korea. This deal represents the latest transaction in the worldwide licensing of CSD500 on a territorial basis and we are excited that the product will become available in South Korea."
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Notes to Editors
Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for consumer healthcare. The Company is developing a portfolio of products and its strategy is to license their manufacture and distribution to major pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange.