Australia's Medical Developments rises after ending China trials for pain drug

Medical Developments International

18/01/2023 24:52

** Shares of Medical Developments International Ltd  MVP.AX 
soar as much as 10.8% to A$1.85, post their biggest intraday pct
gain since July 22, 2022
    ** Co discontinues preparations of clinical trials for
Penthrox, its pain relief drug, in China
    ** Cites difficult regulatory environment and COVID-19
restrictions
    ** MVP to divert resources towards penetration of Penthrox
in some European markets and in Australia, where it sees better
prospects in the near term
    ** Co says will realise net non-cash income of approximately
A$11 mln ($7.68 mln) before tax relating to China in HY results
    ** Stock hits highest level since Oct. 20, 2022
    ** Stock up 12.8% YTD, as of last close 
($1 = 1.4318 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))