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Futura Medical says Church & Dwight intends to terminate CSD500 erectogenic condom licensing agreement

07:05 EDT 23 Aug 2017 | Proactive Investors

Futura Medical PLC (LON:FUM) has announced that Church & Dwight Co Inc, has given formal notice that it intends to terminate its licensing agreement for the UK firm’s CSD500 erectogenic condom and is to return all commercialisation rights. The agreement, signed in April 2013, covered manufacturing, marketing and distribution rights to CSD500 in North America and certain countries in Europe. READ: Futura Medical shares boosted by step-up in investor roadshows The AIM-listed firm said Church & Dwight is returning the rights “as a result of a change in strategic priorities within its business.” The rights covered by the Agreement will return to Futura on or before 19 November 2017, it said in a statement. James Barder, Futura's chief executive, said:  "Whilst this change of strategic priorities is disappointing, we have been advised by Church & Dwight that consumer research regarding the in-use performance and safety of the product conducted by them is not materially different to clinical and market research previously carried out by the Company in The Netherlands and United Kingdom.” New potential partners sought He added: “Our objective, once the rights are returned, will be to seek new commercial terms with potential partners who have previously expressed strong interest in the product.” Barder continued: “The return of the rights for North American and certain European countries is not expected to have any impact on the launch of the product in other geographies, on which a further progress update will be issued in September 2017. "In the meantime our development programmes for our pain relief and erectile dysfunction gels continue as planned." In late morning trading, following the announcement, Futura shares were 9.5%, or 4.5p lower at 43.0p.

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