Futura Medical licenses CSD500 to Milsing for Southeast Europe
20 June 2016
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, is pleased to announce that it has signed an exclusive licensing agreement with Milsing d.o.o. for the marketing and distribution of CSD500, Futura's novel condom, in seven territories in Southeast Europe including Croatia and Serbia.
Milsing is based in Zagreb, Croatia and is a leading private company in the over-the-counter drug and food supplement market in Southeast Europe. This agreement is in line with Futura's strategy of licensing CSD500 to regional distributors in order to build a global distribution network.
Under the terms of the agreement, Milsing will hold the rights to market and distribute CSD500 in Southeast Europe for an initial period of five years. Financial terms of the agreement are not being disclosed although Futura will receive an upfront payment and royalties on all product sales along with certain minimum performance guarantees from Milsing.
Regulatory authorisation in all the EU member states included in this agreement is provided by CSD500's existing CE mark. Approvals for the revised manufacturing process to extend the current shelf life, as well as for an additional international manufacturing facility to strengthen the supply chain, are also currently awaited.
Milivoj Singer, Director of Milsing commented: "Our company objective is to improve the quality of life for our customers through offering top quality and innovative products. CSD500 is a highly attractive addition to our product portfolio because of the uniqueness of its design and strength of its claims."
James Barder, Futura's Chief Executive, commented: "We are delighted to sign this exclusive agreement with Milsing for the marketing of CSD500 in Southeast Europe. It marks further progress to our strategy to license CSD500 with leading regional distributors in order to build a global distribution network. Milsing is a dynamic company and is well placed to maximise the potential of CSD500."
For further information please contact:
Aubrey Powell / Liz Yong / Thomas Smale
Tel: +44 (0) 20 7496 3000
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Notes to editors:
About 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.