Futura Medical signs Manufacturing and Distribution Agreements with TTK
13 June 2016
Futura Medical plc (AIM: FUM), the innovative healthcare company focused on advanced transdermal technology, is pleased to announce that it has signed manufacturing and distribution agreements with TTK Protective Devices Limited ("TTK"), a pioneer in the condom business and part of the substantial Indian conglomerate TTK Group.
Under the terms of the manufacturing agreement, TTK will manufacture CSD500, Futura's novel erectogenic condom for supply worldwide. A regulatory filing has already been made with EU regulatory authorities to grant TTK the relevant authorisation to manufacture the product.
TTK will be one of two manufacturers of CSD500 as part of the Company's strategy to guarantee international supply. A European manufacturer already holds regulatory authorisation to manufacture the version of CSD500 currently marketed in the Netherlands and is awaiting regulatory authorisation for the extended shelf-life version of the product.
Futura has also signed an exclusive licensing agreement with TTK for the marketing and distribution of CSD500 in India for the lifetime of the patents. Futura will receive an upfront payment and royalties on product sales over the duration of the agreement.
TTK already owns the fastest growing condom brand in India, SKORE, which since its launch three years ago has achieved in excess of a 10% market share. TTK is attracted by the unique characteristics of CSD500 to further drive the growth of the SKORE brand. Subject to regulatory approval, CSD500 is expected to be launched by TTK in Q1 2017.
James Barder, Futura Medical's Chief Executive, said: "I am delighted to sign these two agreements for worldwide manufacturing and for distribution in India of our novel erectogenic condom, CSD500. 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. TTK is an ideal manufacturing partner as it is a highly experienced condom maker that has supplied the world's largest condom brands.
"I am also delighted to sign an exclusive agreement with TTK for the marketing and distribution of CSD500 in India. TTK's SKORE brand is the fastest growing condom brand in India and we look forward to CSD500 becoming a further growth driver in the SKORE franchise."
Mr T T Raghunathan, TTK Protective Device's Managing Director, said: "We are very pleased to be working with Futura Medical both in manufacturing CSD500 for worldwide supply and in distributing the product in India. TTK has always stood for innovation and quality in the global condom market, in which we have a long track record in manufacturing high quality condoms. We also look forward to the success of combining India's fastest growing condom brand, SKORE, with the innovation that CSD500 brings to condom users."
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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.