(ATTN: ADDS the product name in 4th para)
By Kim Han-joo
SEOUL, Oct. 2 (Yonhap) -- South Korean drugmaker Daewoong Pharmaceutical Co. said Wednesday it has won approval from European authorities for the sale of its botulinum toxin product.
The European Commission (EC) accepted Daewoong Pharmaceutical's application to sell Nabota, South Korea's first botulinum toxin product to receive the green light for the treatment of frown lines.
With the approval, Nabota can be sold in 28 EU member states, as well as Norway, Iceland and Liechtenstein, according to the company.
Daewoong Pharmaceutical said its global partner Evolus Inc. will be in charge of the sales of Nabota in Europe under the name of "Nuceiva," which will be marketed starting in 2020.
The approval will help Daewoong Pharmaceutical make further inroads into the European botulinum toxin market, which accounts for nearly 70 percent of the global market combined with the United States.
The approval comes after the product was approved by the U.S. Food and Drug Administration (FDA) in February. It was first introduced in the local market in 2014 for the treatment of facial wrinkles, as well as arm paralysis, by weakening or paralyzing certain muscles or by blocking certain nerves.
S. Korea's space program opens new chapter with rocket engine launch, satellites
Samsung aims to overcome biz hurdles through 180 tln won investment
Naver's relinquishing of news editing first step to addressing opinion rigging concerns
(News Focus) All eyes on Samsung's stock split, impact on share value
Samsung's stock split move to make it possible for ordinary investors to buy-sell shares