Futura's looking brighter after product approval
SHARES in Futura Medical leapt 26 per cent yesterday after the Aim-listed condom maker received "positive regulatory opinion" on a new product.
Futura's shares had been temporarily suspended on Wednesday at the company's request following a sharp rise in its share price, pending yesterday's announcement.
Shares began trading again yesterday after Futura revealed that the Competent Authority, part of the Health and Safety Executive, had given "positive" opinion relating to the pharmaceutical aspects of CSD500, a new condom which will "help men maintain a firm erection", Futura claimed.
Futura said: "The Competent Authority's opinion forms a key part of the process to permit the award of a CE Mark, the regulatory approval mechanism for this class of medical device in Europe. The award of the CE Mark will allow CSD500 to be marketed throughout all EU member states."
Futura, which has a market cap of about 13 million, added that CSD500 would be manufactured, marketed and distributed by SSL under its Durex brand.
Guildford-based Futura is also developing other pain relief and sexual health lines.