À̹ÌÁö È®´ë In the ever-stretching drama over its botox, Medytox challenged the Korean healthy and drug authority to cancel its administrative ban on production and sales of additional botox products under the label Meditoxin and Coretox.
Medytox said on Tuesday it submitted the lawsuit with the Daejeon District Court to nullify the administrative order issued by the Ministry of Drug and Safety on Monday.
The company¡¯s 50, 100, 150 and 200 units of Meditoxin and Coretox were found to have violated the Pharmaceutical Act by trading overseas without the agency¡¯s permission to leave the country, according to the ministry, delivering a further blow to the already cash-strapped company due to license revocation of Meditoxin 50, 100 and 150 units in June.
Medytox argued in the lawsuit that products for exportation are not affected by the domestic law because they are not subject to permission to leave the country for trading overseas.
Medytox shares also received market attention because of their loss often become the gain of botox rival Daewoong Pharmaceutical. The two makers have been mired in various litigations in Korea and the United States for the past five years over the trade secrets related to the bacterial strain of their botox products.
On Tuesday, Medytox shares tumbled 21.73 percent to end at 180,500 won ($160), whereas Daewoong Pharm shares gained 1.47 percent to 104,500 won. Medytox shares lost steam due to regulatory uncertainty whereas Daewoong Pharm shares gained strength after its investigational Covid-19 cure was approved for a Phase 1 study in Australia.
By Kim Ki-cheol and Minu Kim
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]