April 26, 2024

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[THE INVESTOR] Medytox’s plan to launch its liquid-type botullinum toxin in the US may be delayed again as its partner Allergan is cagey about the drug’s further development.

Allergan, which in-licensed Innotox developed by Medytox in a US$360 million deal in 2013, kept mum on the schedule of the new type of anti-wrinkle treatment’s late-stage clinical trials in its second-quarter earnings report released on Aug. 3. 

Related:
Medytox CEO to meet Allergan to discuss start of phase 3 trials of Innotox


The Botox maker presented its latest updates on drug development projects such as its Avastin biosimilar candidate but didn’t comment on Innotox.

Medytox has been highly expecting Allergan to initiate phase 3 clinical study for its liquid-injectable product Innotox later this year. Shares of Medytox declined 5.8 percent on Aug. 4, following over 7 percent drop the previous day.

“There is no change in our willingness for the clinical program as Chief Executive Jung Hyun-ho publicly announced the plan earlier,” a Medytox official told The Investor.

In July, Jung made a trip to the US to meet with executives at Allergan in order to discuss the delay.

Allergan announced in its 2016 second-quarter earnings report that it would begin the third-phase trials of Innotox in early 2017. However it is yet to begin the trials due to scale-up production issues with Medytox. Since then, Allergan had not publicized further plans for Innotox, fueling investor concerns. Allergan could not be reached for comment.

By Park Han-na (hnpark@heraldcorp.com)