The price of Daewoong Pharmaceutical Co. shares gained 5,500 won or 2.89% on August 20 following the news report that the company was granted marketing approval by the Canadian government for its botulinum toxin drug Nabota (DWP-450).
The price of Daewoong Pharmaceutical shares stood at 198,000 won as of 11:55 a.m. on Aug. 21, up 2,500 won, or 1.28%, from the previous trading day.
Daewoong Pharmaceutical announced on Aug. 20 that it has received marketing approval from Health Canada for its self-developed botulinum toxin Nabota, a drug that improves glabellar wrinkles.
The approval comes about 12 months after the healthcare company submitted an application for regulatory approval in Canada in July last year. It marks the company’s first pharmaceutical product to be sold in an advanced economy and South Korea’s first homegrown botox approved in Canada.
Daewoong Pharmaceutical is set to begin commercial sales of Nabota across Canada in the first half of next year through Clarion Medical Technologies Inc., the Canadian partner company of Evolus Inc., the North American partner of Daewoong Pharmaceutical. Clarion Medical headquartered in Ontario, Canada, is a medical device specialist dedicated to cosmetic surgery.