The Starpharma Holdings Limited (ASX: SPL) share price will be on watch on Thursday following an after-market announcement.
What did Starpharma announce?
This afternoon Starpharma announced that it has been granted marketing approval for its VivaGel condom in Europe.
The VivaGel condom is a world-first product based on innovative Australian technology. It is the only condom of its type which incorporates the proprietary compound astodrimer sodium in the condom lubricant.
This means the product, which is already approved for sale in Japan, Canada and Australia, is now approved for sale in all 28 member states of the European Union. This includes the United Kingdom, as well as the four member countries of the European Free Trade Association.
In total these countries have a population of approximately 525 million people, representing a major opportunity for the company.
Starpharma's marketing partner in Europe will be former Ansell Limited (ASX: ANN) business, LifeStyles. The world's number one sexual wellness company will undertake marketing preparations ahead of its launch under the brand name Absolute DUAL PROTECTION.
Starpharma Chief Executive Officer, Dr Jackie Fairley, said: "It's great to have another important market approved for the VivaGel condom and to achieve a further commercial milestone for our VivaGel portfolio. The global condom market was valued at US$7.9B in 2018 and projected to grow by 8.5% per year. Europe is a major region and our partner LifeStyles is a significant player in that market."
The CEO of LifeStyles, Jeyan Heper, spoke very positively about the VivaGel condom.
Heper said: "LifeStyles is a global leader in sexual wellness. We are committed to making safe sex fun by offering new and unique products, and we're delighted to add the highly innovative VivaGel condom to the range we offer in Europe. The Absolute DUAL PROTECTION condom is a great example of a new and ground-breaking sexual-health product."
