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Allergan to start P3 clinical trials on Medytox’s BTX
  • By Lee Han-soo
  • Published 2018.05.25 14:06
  • Updated 2018.05.25 14:06
  • comments 0

An analyst report by Nomura Securities noted that Allergan, Medytox’s Innotox partner in the U.S., has officially confirmed it plans to launch phase 3 clinical trials for Innotox during the fourth quarter of this year.

Citing the Korea Herald, the report outlined that Allergan expects to receive the needed clinical supplies from Medytox before June 18. Medytox avoided an immediate answer as to whether or not they have delivered the prototype product required for the clinical trials to Allergan.

However, the report cited that given Korea Customs Office’s recent data, it is likely that Allergan received the products needed to conduct clinical trials.

According to trade data, Medytox had shipped about $519,000 worth of botulinum toxin to Ireland, Allergan’s headquarters.

Allergan’s confirmation is welcoming news for Medytox as the company had been struggling with unfavorable factors such as its lawsuit with Daewoong Pharmaceuticals in the U.S. regarding Nabota, Daewoong’s BTX product.

Unlike the Korean market where BTX mainly focuses on aesthetic purposes, 50 percent of the global BTX market treats diseases such as cerebral palsy, strabismus, seizures and migraine. Experts expect that such extensive use will improve the company’s revenue if the product receives approval.

Nomura Securities raised target stock price for Medytox to 900,000 won ($830). The company’s stock price stands at 712,000 won as of 11:00 a.m. Friday.

corea022@docdocdoc.co.kr

<© Korea Biomedical Review, All rights reserved.>

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