The research company will bring in about 30-50 million kroner, says general manager, and newly appointed CEO, Ken Rosendal to Oslo Business Memo.
The small research company Spermatech AS has reached a new milestone on the way to create the world's first birth control pill for men: Application for a world patent on the newly discovered active ingredient in ST-I-0193 is filed in the patent office of Frank B. Dehn in Oxford.
– We have identified an active ingredient that works only on the protein that guides the sperm to its target, says Rosendal.
Ken Rosendal, Research Director Tuva Hereng and the five other employees in Spermatech is now ready to begin clinical testing of the male contraceptive.
The owners of Spermatech were informed of the important milestone before the weekend. There is hectic activity to ensure that all formalities are in order, as the team will go ahead with testing of the pill on animals and humans. Due to the testing the company is venturing into the capital market to raise money, about 30-50 millions is needed to finance the further development of the drug.