Medytox shares drop on patent challenge in U.S.

2023.03.03 13:40:01 | 2023.03.03 13:44:34

Medytox [Photo by Yonhap]이미지 확대

Medytox [Photo by Yonhap]

Medytox Inc. shares dropped in the morning session on Friday as the company’s botulinum toxin-related patent has been challenged in the U.S.

Investor sentiment was affected by belated news that another Korean botox maker Hugel Inc. filed a petition on Feb. 21 with the U.S. Patent Trial and Appeal Board (PTAB) against Medytox, claiming the latter’s patent should be invalid. Botulinum toxin, commonly known as Botox, is a biopharmaceutical drug used in wrinkle-removing procedures for aesthetic purposes.

At 12:40 p.m. Medytox shares were trading at 229,000 won ($175.34), down 5.29 percent from the previous trading day. Hugel shares were down 1.62 percent to trade at 133,700 won.

Hugel argues that Medytox’s patent on a method for isolating botulinum toxin from a botulinum toxin-containing solution, U.S. Patent 11331598 registered in May 2022, is a generic manufacturing technique that lacks inventive step.

By Pulse

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