The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has taken another tumble on Tuesday.
In afternoon trade, the ASX 300 healthcare share is down almost 4% to $15.55.
This latest decline means its shares are now down over 25% since this time last month.
Why is this ASX 300 share price under pressure?
Investors have been hitting the sell button since the release of its FY 2023 results at the end of August.
For the 12 months ended 30 June, the ASX 300 share delivered a double-digit increase in both revenue and profit. However, as strong as this looked on paper, it was a little short of the market's expectations.
This was partly down to a subdued over-the-counter launch revenue from its first Photo Cosmetic product, Cyacelle.
Also potentially weighing on the Clinuvel share price has been developments in the United Kingdom.
The company noted the following:
During the year, the English National Institute for Health and Care and Excellence (NICE) decided not to recommend SCENESSE for use on the English National Health Service, despite NICE being twice found by its own Appeal Panel to have breached the Equality Act and having acted unfairly in its review of the drug. This decision has resulted in an ongoing asymmetry of access for EPP patients in the UK, with Scottish patients continuing to receive SCENESSE treatment under a patient access scheme.
What's the latest in the UK?
This morning, the ASX 300 share released a letter to shareholders. While its focus was not purely on the UK issue, it did touch on the subject.
Management revealed that it is preparing to potentially take the UK government to court. It explains:
With admitted inability, unwillingness, and in breach of its own guidelines and the UK Equality Act (2010), NICE and NHS England are now unlawfully depriving EPP patients from accessing SCENESSE treatment. In having reserved our rights, we are now preparing a legal dossier refuting NICE's position: this case deserves adjudication calling to attention the inaptitude of NICE-NHS.
