Medical Developments International Ltd
(ASX:MVP) has reached a deal with a Korean pharmaceuticals company to distribute a drug called Penthrox in South Korea.
Penthrox is self-administered, and used to treat patients suffering acute trauma pain.
The company says that there are currently no products like Penthrox available in South Korea, and is expecting to sell 300,000 units per year.
Medical Developments will make upfront and milestone payments of $1.2 million, while its Korean partner, BL&H Co Ltd, will manage the registration, reimbursement and approval process of Penthrox in Korea.
BL&H expects to obtain approval and be in a position to launch Penthrox in Korea during FY18.
Medical Developments reported a net profit of $1.6 million at 30 June 2016.
