The Mayne Pharma Group Ltd (ASX: MYX) share price is trading lower today amid broad market weakness.
At the time fo writing, the pharmaceutical company’s shares are down 1.5% to 34.5 cents.
What did Mayne Pharma announce?
Investors have been selling the pharmaceutical company’s shares despite the release of a couple of promising announcements this morning.
According to the first release, the company has expanded its Australian dermatology portfolio by licensing the Australian rights to Solaraze and the Actikerall topical solution from Almirall. Both products are approved by the Australian Therapeutic Goods Administration (TGA).
Solaraze and Actikerall are indicated for the treatment of actinic keratosis (AK), which affects approximately 40% to 60% of Australians over the age of 40. Australia has the highest incidence of AK globally, with the main cause being long-term sun exposure.
In addition to this, Mayne Pharma revealed that it has filed Fabior foam with the TGA. Fabior was acquired from GlaxoSmithKline and re-launched into the US dermatology market in 2016. It is a topical retinoid indicated in the US for the treatment of acne in patients aged 12 years or older.
Combined, the three products have a $30 million market opportunity in Australia.
Mayne Pharma’s CEO Scott Richards said, “We are pleased to partner with Almirall, a global biopharmaceutical company focused on skin health and expand our Australian portfolio with these new differentiated dermatology products. Solaraze and Actikerall will be promoted by the existing Australian sales team focusing on dermatologists and general practitioners that specialise in skin cancer.”
According to the second release, Mayne Pharma and Mithra Pharmaceuticals have announced the US commercial launch of its Nextstellis product.
Nextstellis is a new oral contraceptive which was approved by the FDA in April. It is the first and only pill containing E4, a natural estrogen produced during pregnancy that is now synthesised from a plant source. E4 is the first new estrogen introduced in the US in over 50 years.
The product will compete in the short-acting combination hormonal contraceptive market which is valued at US$3.5 billion.
Mr Richards commented; “We are delighted to launch Nextstellis, a new birth control option for women and their healthcare providers. Every woman’s body reacts differently to hormones and so from today, American women will now have a new choice of estrogen to consider when thinking about birth control options.”
“Our key priorities with this launch are to educate the market on the benefits of Nextstellis and the new estrogen E4, gain broad payor acceptance and reimbursement, and ultimately become the preferred branded oral contraceptive in the market. The launch is supported by a highly experienced national Women’s Health sales team that is now actively promoting Nextstellis to healthcare providers,” he concluded.