LONDON (ShareCast) - (Sharecast News) - Drug development outfit Ovoca Bio's chief executive Kirill Golovanov reflected on "a year of great operational progress" at the group's annual general meeting on Thursday.
Golovanov reaffirmed some of Ovoca's expected milestones, noting that the firm's acquisition of IVIX, with its investigational drug, Libicore was key to the company's future strategic direction

Ovoca executed the final part of the transaction in March when it purchased a further 9.9% of IVIX, taking its shareholding to 59.9%.

Simultaneously, it announced top-line results from IVIX's Phase III trial of Libicore in Russia, which had achieved both the primary and key secondary endpoints without concern for the drug's safety profile.

Golovanov said: "With the positive outcome of the Phase III study, this has allowed the focus to shift to completing the filing package for marketing authorization in the first launch market, namely the Russian Federation."

Ovoca intended to file with the Russian Ministry of Health later in the same quarter.

As the usual length of time before approval could be granted by the Ministry was approximately 12 months following the date of application, Ovoca intended to use the intervening period to implement its plans for Libicore in the rest of the world.

As of 1345 BST, Ovoca shares had plunged 18.83% to 19.48p.

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