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(Sharecast News) - Pharmaceutical and drug delivery technology developer Futura Medical has entered into a licensing agreement with Menarini Korea, it announced on Wednesday, for the exclusive rights to commercialise the company's topical gel-based erectile dysfunction treatment MED3000 in South Korea.
The AIM-traded firm said it would be eligible to receive an initial upfront payment, with Menarini Korea set to pay an agreed price for the manufacture and supply of MED3000 by Futura's contract manufacturing organisation.
Menarini Korea would be responsible for all local MED3000 development, regulatory approvals, product launch and marketing.
"We are delighted to have reached an agreement with a prestigious company that operates in a key Asian market such as South Korea," said chief executive officer James Barder.
"Menarini is a trusted partner in the region that is perfectly situated to market retail products, with local teams that have deep understanding and experience of the South Korean market as well as significant expertise and a track record in rapidly registering and launching new products.
"Futura is continuing to build a strong and specialist distribution network for MED3000 across the globe and we are particularly focused on covering the key, top 15 markets for ED especially where the product already has been granted regulatory approval."
At 1517 GMT, shares in Futura Medical were up 7.47% at 26.6p.