Medical Developments International
(ASX:MVP) has signed a distribution deal with JSC Lancet, a Russian pharmaceutical company and distributor.
Lancet has agreed to distribute Medical Developments' non-opioid pain relief medication, Penthrox, in the Russian market (which has 143 million people). This agreement includes milestone payments of $2.3 million.
Lancet is also the Russian distributor for other pharmaceutical companies like Novartis, GlaxoSmithKline and Bayer.
Lancet has also agreed to pay the substantial costs of clinical trials, registration and approval of Penthrox in Russia.
This morning, Medical Developments shares are trading 2% higher at $5.05.
