Medical Developments International (ASX:MVP) has discontinued the preparation of clinical trials for its pain relief drug, Penthrox in China due to extended delays and a challenging regulatory environment.
The Company will recognise income of approximately $11 million related to the termination of the contract and the impairment of capitalised registration costs.
Medical Developments International are now focusing on increasing penetration of Penthrox in select European markets, Australia, and the US as they intend to deliver the next wave of growth through Penthrox entry into the US.
The company's share price rose 5% today.