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- Medical Developments International (MVP) cancels plans for clinical trials of its Penthrox drug in China and subsequent commercial launch in the country
- MVP says “extended delays” to the expected timeline for clinical trial outcomes was the basis for the decision, citing a “challenging regulatory environment and covid restrictions”
- Penthrox is a fast-acting, non-opioid pain relief drug used by emergency departments and ambulance services
- CEO Brent MacGregor says the company will now focus on projects that “have a greater capacity to generate shareholder value”
- MVP shares are up 7.49 per cent, trading at $1.80 at 11:50 am AEDT
Medical Developments International (MVP) has scrapped plans for clinical trials of its Penthrox drug in China and its subsequent commercial launch in the country.
MVP said this was due to “extended delays” to the anticipated timeline for clinical trial outcomes, primarily as a result of “challenging regulatory environment and covid restrictions.”
Penthrox is a fast-acting, non-opioid pain relief drug used by emergency departments and ambulance services.
The drug has been commercially launched in multiple countries around the globe, and has been used for more than 40 years in Australia.
“A commercial launch in China is not a strategic priority at this time,” MVP CEO Brent MacGregor said.
“We are directing our resources into those projects that have greater capacity to generate shareholder value in the nearer term.
“These projects include accelerating penetration of Penthrox in select European markets and in Australia.
“In the longer-term, we intend to deliver the next wave of growth through Penthrox entry into the US. Following the FDA’s lifting of the clinical hold, this process has already commenced.”
MVP said $11 million in non-profit income will now be added to its FY23 half year results relating to China.
MVP shares were up 7.49 per cent, trading at $1.80 at 11:50 am AEDT.
