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Today Sponge acquired

This article was originally published in The Tan Sheet

Executive Summary

Synova Healthcare Group purchases Allendale Pharmaceuticals, Inc. and the attendant exclusive worldwide rights to the Today Sponge contraceptive product, in an all-stock transaction for 16 million shares of Synova common stock, the firm announces Jan. 16. The API acquisition complements the firm's ongoing strategy of developing its women's health product portfolio, Synova states. The sponge currently retails for $7.99 per three-pack at drug store retailers nationwide. The company is planning a relaunch of the Today Sponge product accompanied by an "aggressive multimedia advertising campaign in the coming weeks," the Media, Pa.-based firm says. The product also will be cross-merchandised with Synova's Fem-V test kit, a panty-liner that tests vaginal discharge pH levels for bacterial infections, "as both products are targeted toward the same consumer audience," the firm states...

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