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Starpharma Holdings Limited (ASX:SPL)(PINK:SPHRY) today announced that a full licence agreement has been signed with SSL International plc (LON:SSL) in relation to the VivaGel(R) coated condom. SSL manufactures and sells Durex(R) condoms, the market-leading condom brand worldwide.
Under the terms of this agreement SSL secures marketing rights to the VivaGel(R) coated condom in most of the world, including Europe and the USA. Starpharma estimates that its receipts under the agreement will exceed A$100m comprising royalties on SSL sales, further milestone payments, and development support.
"Given the potential for near term revenue, brand development and the overall size of this opportunity, Starpharma sees the VivaGel(R) coated condom as a key element in our corporate strategy," said Dr Jackie Fairley, Starpharma's CEO.
"We are particularly pleased to be working with a company such as SSL, which has the capabilities and marketing strength to rapidly move the product through registration and into the market. This agreement is undoubtedly Starpharma's most important commercial milestone to date," Dr Fairley added.
SSL is the world's leading marketer of condoms with approximately 30% share of the global market for branded condom sales, selling into over 100 countries around the world. Global condom retail sales have been estimated(1) at approximately $3.2 billion, with the top four companies representing as much as 70% of the market.
Leigh Taylor, Head of Innovation from SSL commented, "VivaGel(R) offers leading edge technology with the potential to enhance our Durex(R) business. We are very pleased to have reached agreement with Starpharma and look forward to working with them to bring the product to market."
In addition to the VivaGel(R) coated condom, Starpharma continues to develop VivaGel(R) as an applicator-delivered vaginal product for use by women to protect themselves from HIV and HSV-2 (genital herpes).
(1) Condoms - a global strategic business report 2005
About SSL International plc
SSL International plc (LON:SSL) is a focussed consumer brand company with leading global brands including Durex(R) condoms, Scholl(R) footcare and footwear products plus a diverse portfolio of local brands, selling into over 100 countries around the world. Headquartered in the UK, SSL has operations in 35 countries. SSL is the world's largest manufacturer of condoms with approximately 30% share of the global branded condom sales market. Durex has been making condoms of the highest quality for nearly eighty years and has further strengthened its position as the global market leader during the last financial year. The company has enjoyed considerable success in 2007 and 2008 with its innovative line of Durex Play lubricants and sexual enhancement products which have helped to pioneer the acceptance of sexual wellbeing products in mainstream outlets.
About Starpharma Holdings Limited
Starpharma Holdings Limited (ASX:SPL, OTCQX:SPHRY) is a world leader in the development of dendrimer nanotechnology for pharmaceutical, life-science and other applications. SPL is principally composed of two operating companies, Starpharma Pty Ltd in Melbourne, Australia and Dendritic Nanotechnologies, Inc in Michigan, USA. Products based on SPL's dendrimer technology are already on the market in the form of diagnostic elements and laboratory reagents.
The Company's lead pharmaceutical development product is VivaGel(R) (SPL7013 Gel), a vaginal microbicide designed to prevent the transmission of STIs, including HIV and genital herpes.
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Dr Jackie Fairley
Chief Executive Officer
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