The Medical Developments International Ltd (ASX: MVP) share price is pushing higher on Friday.
In late morning trade the healthcare company's shares are up 1% to $7.16.
Why is the Medical Developments International share price pushing higher?
Investors have been buying the company's shares today after yet another announcement relating to its key Penthrox product.
Penthrox, also known as the green whistle, is a fast onset, non-opioid analgesic indicated for pain relief by self-administration in patients with trauma and those requiring analgesia for surgical procedures.
It has been used safely and effectively for more than four decades in Australia with more than 7 million units sold.
This morning the company revealed that the Russian Ministry of Health has accepted its Marketing Authorisation Application (MAA) for review. The company submitted the MAA for Penthrox to be used for trauma pain on September 30.
What now?
At this point Medical Developments International has been advised that no further clinical work is required in Russia.
The Ministry of Health intends to review the same "Clinical, Safety and Efficacy" data which the company used to support the approval of Penthrox in Europe and elsewhere.
As it has been submitted under the new unified Eurasian Economic Union rules, the application also covers Belarus, Kazakhstan, Armenia and Kyrgyzstan.
Though, approval may be some time away. Management advised that the review process and final approval is expected within 15 months for Russia and 2 years for the other countries.
The company's chief executive officer, John Sharman, said: "We have been working on our MAA in Russia for several years and its acceptance for review by the Ministry of Health is a significant achievement and pointer to our future in Europe."
The CEO of Russian pharmaceutical company and Medical Developments International partner, Lancet, Anton Zybin, said: "Lancet, is one of Russia's biggest and fastest growing pharmaceutical companies. The Russian market has an unmet commercial need for a strong non-opioid analgesic like Penthrox and the ultimate approval by the Russian Ministry of Health of Penthrox will be very positive for MVP and Lancet."
