Medical Developments International Ltd.’s stock plummets on USA update

  • Jul 25, 2018 AEST
  • Team Kalkine
Medical Developments International Ltd.’s stock plummets on USA update

USA Update: Medical Developments International Ltd. (ASX: MVP), which is one of Australia's leading specialised healthcare companies, witnessed its stock plummet by 19.5% to A$4.71 as on July 25, 2018 after U.S. Food and Drug Administration (FDA) did not approve the sale of its Penthrox “green whistle” pain management product in U.S. As a result, the clinical program for Penthrox will be put on hold based on outstanding issues and concerns that will be provided in a letter. Further, the letter is expected to be delivered within the next 2 months. The company has a market capitalization of $346 million. The company provides a range of products in the areas of pain management, asthma and resuscitation, along with veterinary equipment since 1971. The company has strong focus on expanding into international healthcare markets. Meanwhile, MVP stock has fallen 13.97% in three months as on July 24, 2018 and is trading at a very high P/E.

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