Russia: Australia’s Medical Developments rises on Russia … – Times of India

** Drugs maker Medical Developments International rises as much as 2.42 pct to A$5.07; sees biggest intraday pct gain in nearly one month

** Company signs agreement with JSC Lancet to distribute Penthrox, a non-opioid pain killer, in Russia

** JSC Lancet is a pharma and healthcare equipment company which supplies products to Russian hospitals

** Agreement with JSC Lancet includes milestone payments of A$2.3 million, MVP said in a statement filed with the exchange

** Lancet estimates that Penthrox sales could be around 2 million units per annum over time, MVP added

** Shares of Medical Developments have risen around 12 pct this year, as of close on Tuesday

** Company’s competitor, IDT Australia, has fallen 30.6 pct this year as of Tuesday’s close

(Reuters Messaging: aparajita.saxena.thomsonreuters.com@reuters.net)

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