Hugel said Thursday that it has obtained product approval from Health Canada for its botulinum toxin (BTX) formulation, Letybo, which treats forehead wrinkles.

The company had completed an on-site inspection of the Geodu plant, Hugel's botulinum toxin production base, to obtain a Canadian product license in November 2019 and applied for a product license on July 1, 2021.

According to Hugel, the Canadian BTX market, estimated to be worth about 180 billion won ($139.8 million) last year, will rapidly expand at an average annual rate of 10 percent until 2024.

With the product approval, Hugel plans to ship its first batch and enter the Canadian market this year. Hugel Aesthetics Canada will be responsible for local distribution and marketing activities. Hugel Aesthetics Canada is a subsidiary of Hugel America, a U.S. corporation of Hugel.

"The acquisition of the Canadian product permit marks the first full-fledged start of Hugel's exploration of the North American market," a company official said. "Starting from Canada, we will do our best to grow into a global medical aesthetic company that dominates the global BTX market in Asia, Europe, and North America."