Medytox revs up China business
[THE INVESTOR] Medytox said on June 13 it has completed late-stage clinical trials for powder-type botulinum toxin in China to expand operations in the country.
“China has high market potential for botulinum toxin and dermal filler and it will become a very important strategic point for Meditox to become a global biopharmaceutical company in the future,” spokesperson Kim Byung-joo said.
The Korean company plans to seek regulatory approval from the China Food and Drug Administration for Meditoxin by end-2017, and will be sold under the brand name Neuronox in overseas markets, after completing phase 3 clinical studies to treat frown lines.
Currently, there are only two botulinum toxin products that are officially registered in China -- BTXA developed by the Lanzhou Institute of Biological Product of China and US Allergan’s Botox.
Korea and China are driving the facial injectable market in Asia-Pacific, according to Credence Research. The rapidly developing health care infrastructure, medical tourism and booming entertainment industry will further boost market growth o in Asia.
The firm said additional phase 3 clinical programs for Meditoxin to collect efficacy data in blepharospasm patients is underway. It will also initiate studies on hyaluronic acid filler Neuramis in the country soon.
To develop and promote botulinum toxin business in China, Medytox has partnered with Hong Kong-based Bloomage BioTechnology to establish a joint venture, called Medybloom in 2015.
Meanwhile, the company’s third plant, located in Osong, North Chungcheong Province, that has capability to produce 600 billion won worth of Meditoxin received approval to manufacture and market the products on June 9. The company said it expects the approval will help ease tight supply to meet the growing demand.
“By obtaining a domestic sales license for the third factory, we will no longer have a supply shortage issue as we have secured a large-scale production capacity 10 times bigger than before,” Medytox CEO Jung Hyun-ho said in a press release.
The company now has toxin and filler production capability worth 760 billion won per year, including the third plant and the first plant in Ochang, North Chungcheong Province.
Its second plant, which is dedicated to supply products for its US partner Allergan, is under construction to meet the requirement of the US Current Good Manufacturing Practices.
By Park Han-na (firstname.lastname@example.org)