STOCKS NEWS EUROPE-Futura Medical down on product delay

Shares in British sexual health specialist Futura Medical (FUM.L) fall over 13 percent as investors take money off the table after the company announces the CE mark approval for its lead product will be delayed.

The product, CSD500 is scheduled to be launched as Durex-branded erection enhancing condom by SSL International (SSL.L) but is awaiting regulatory approval.

CE mark approval certifies that a product has met EU consumer safety, health or environmental requirements.

The product was scheduled to gain approval towrds the end of 2009, however the company now says the required data will now be submitted towards the end of the first-quarter 2010, with approval expected to take 45 to 90 days from submission.

"Whilst even a short delay such as this is disappointing for shareholders, we still believe that launch in early H2 2010 remains feasible, and have therefore not adjusted our financial forecasts," says Nomura Code in a note.

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