Medytox said Wednesday that it has submitted a biologics license application for Medytoxin, the company’s botulinum toxin (BTX), to the Taiwan Food and Drug Administration.

To keep up with the strict guidelines of the Taiwanese authorities, Medytox has completed clinical trials for Medytoxin, and has been conducting statistical analysis of the clinical trial data to verify the treatment’s safety and efficacy, it said.

The company has also finished preparing the product’s launch in Taiwan by establishing a joint venture company, called Medytox Taiwan, with DMT, a leading Taiwanese medical equipment maker, in 2015.

If Medytox receives sales approval, it will become the fourth company to release a BTX product after Allergan, Ipsen, and Merz.

“Ethnic Chinese people dominate the economies of most Southeast Asian countries,” said Oh Yong-ki, Medytox marketing director. “Success in Taiwan, which is actively cooperating with the economic interests of many other Southeast Asian countries, will naturally lead to explosive growth in the Southeast Asian market.”

The company will stage aggressive, tailored marketing through the joint venture with DMT, which has a unique foothold in Taiwanese cosmetic molding market, Oh added.

According to a report published by Korea Trade-Investment Promotion Agency (KOTRA), Taiwan is a significant base in the Southeast Asian economic zone, and an important country to advance into the market controlled by overseas Chinese.