[Special Stock] Medytox Plummets 20% Early Session Following MFDS Approval Cancellation

[Asia Economy Reporter Minwoo Lee] Medytox's stock price is on a downward trend. The news that its botulinum toxin product had its approval revoked by the Ministry of Food and Drug Safety (MFDS) appears to have acted as a negative factor.

As of 9:09 AM on the 18th, Medytox's stock price recorded 120,000 KRW, down 20% from the previous day. The price has been sharply declining since the market opened. This is because the MFDS announced on the 18th that it will revoke the final approval for three Medytox-produced 'Medytoxyn' products (150, 100, and 50 units) effective from the 25th. This result came two months after the suspension of manufacturing, sales, and use of Medytoxyn on April 17 and the start of the approval cancellation process.

Medytox is accused of ▲using raw materials different from those approved but falsifying documents to indicate production with the approved raw materials ▲falsely recording potency test results of raw materials and products ▲obtaining national release approval with manipulated data and selling products on the market.

Meanwhile, the MFDS also imposed a fine of 174.6 million KRW in lieu of a three-month suspension of manufacturing operations on Medytox's botulinum toxin preparation 'Innotox,' which had falsified manufacturing and quality control documents.