Medical Developments International Limited (ASX:MVP) says it’s received regulatory approval in the United Arab Emirates for its Penthrox pain killer drug.
The drug has been in use in the UAE on a ‘Named Patient Basis’ through private and public hospitals as well as ambulance services.
The approval and subsequent marketing authorisation will do away with complex importation rules and improve sales by opening the market.
It’s the first of several marketing approvals MVP is pursuing in the lucrative but notoriously difficult to penetrate Middle Eastern market.
Medical Developments made a net profit of $1.57 million to the end of June 2016.