Kolon TissueGene Faces Delisting Crisis Again Due to Audit Opinion Refusal

Cause for Delisting Occurred... Objections Can Be Filed Until the 25th of This Month

Lee Woo-seok, CEO of Kolon Life Science, who is suspected of being involved in the controversy surrounding the osteoarthritis gene therapy drug 'Invossa K Injection (Invossa)', is attending the pre-trial detention hearing at the Seoul Central District Court in Seocho-gu, Seoul on the 31st. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Ji-hee] The Korea Exchange KOSDAQ Market Division announced on the 16th that Kolon TissueGene has received an audit opinion of 'disclaimer of opinion due to scope limitation' on its recent fiscal year financial statements, resulting in grounds for delisting. Kolon TissueGene can file an objection within 7 business days from today, until the 25th, and if no objection is filed, the delisting process will proceed.

If an objection is filed, a one-year improvement period may be granted. However, if an adverse audit opinion is received again next year, the listing will be canceled.

Kolon TissueGene became subject to a substantial review of listing eligibility last year after it was revealed that the components of 'Invossa,' an osteoarthritis treatment, were kidney cells rather than the originally reported cartilage cells. Subsequently, it received a delisting decision at the first review stage by the Corporate Review Committee, but in October last year, the KOSDAQ Market Committee granted a 12-month improvement period.

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