Medytox said Friday that the Ministry of Food and Drug Safety approved the company to conduct phase 3 clinical trials of its injection lipolysis (MT921) on Wednesday.

The company plans to perform the studies on 240 moderate to severe submandibular fat patients in seven medical institutions, speeding up to commercialize the product.

MT921, developed by Medytox, is an injection that effectively breaks down fats with lowered risk of side effects, including edema and bruise on the injection site, compared to existing syringes.

Medytox expects MT921 to work as a new growth engine, considering that about 90 percent of the company's sales revenue has come from botulinum toxin (BTX) products and hyaluronic acid (HA) filler Neuramis since 2015.

"MT921 is the first synthetic drug that combines Medytox's research and development (R&D) capabilities, and it is a next-generation injection lipolysis that improves side effects, such as edema and bruising of existing products," Medytox Senior Managing Director Ju Hee-seok said. "It will be used in the domestic and global market with excellent competitiveness."

Ju added that MT921 is likely to contribute significantly to sales growth with a synergistic effect in the future as the application of injection lipolysis is closely related to Medytox's BTX and HA filler business.

Medytox also has various other pipelines for new drug developments, including anticancer drug (MT106), anticancer drug (MT912), inflammatory bowel disease (MT971), and solid cancer (MT981). In addition, the company plans to expand its market share through biopharmaceutical developments by continuously investing in R&D.