Humedix said that China's National Medical Products Administration (NMPA) has approved Elravie Deepline-L, a hyaluronic acid filler that contains lidocaine.

"There are six filler brands that have obtained product licenses in China, and only three, including Elravie, contain lidocaine," the company said. "Hyaluronic acid fillers containing lidocaine reduce pain during the procedure and are commonly used in Korea and around the world."

However, there are only a few licensed products that contain lidocaine in the Chinese cosmetics market, which is the third-biggest market in the world, with a sale of about 38 trillion won ($31.8 billion), the company added.

As a result, the Hemedix said it expects that its product will be highly competitive in the Chinese market.

The company has been trying to obtain a sales license for the product since 2014. Based on Elravie's local brand power, credibility, and reputation, the company plans to expand in the Chinese market aggressively.

"Although lidocaine-containing fillers have had a high unmet need for both local Chinese patients and medical staff, there only have been few approved in the market," Humedix CEO Kim Jin-hwan said. "As a result, there has been a high demand for Elravie Deepline-L by Chinese medical workers even before the sales approval."

The company will continue to work to make a conspicuous presence in the Chinese market with the launch of Elravie Deepline-L, Kim added.