Ex-Kolon Chairman Lee Woong-ryul Denies Charges in First Trial Over 'Invossa Suspicion'

Former Kolon Group Chairman Lee Woong-ryul / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Seongpil Cho] Former Kolon Group Chairman Lee Woong-yeol, who was indicted on suspicion of falsely reporting the components of the osteoarthritis treatment drug Invossa-K Injection (Invossa), denied all charges at the first trial.

At the first hearing held on the 14th at the Seoul Central District Court Criminal Division 24 (Presiding Judge So Byeong-seok), Lee’s lawyer stated, "The first time we recognized that some components of Invossa differed from the approved contents was in April last year, and we immediately reported it to the Ministry of Food and Drug Safety," adding, "The allegations of concealment are not true." The lawyer also criticized, "Based on the U.S. FDA’s decision in April to allow the resumption of Invossa clinical trials, the premise of the investigation has already been shaken," and "The prosecution’s indictment merely means that since the incident occurred, the group chairman must take responsibility." Other defendants, including Lee Woo-seok, CEO of Kolon Life Science, who were indicted alongside former Chairman Lee, also denied the charges.

Previously, former Chairman Lee was brought to trial on charges of administering Invossa, which contained kidney-derived cells different from those approved by the Ministry of Food and Drug Safety, to about 2,000 patients, generating sales exceeding 15 billion KRW. He is also accused of falsely explaining or concealing information related to Invossa, such as the suspension of clinical trials by the U.S. FDA, listing Kolon TissueGene on the KOSDAQ to raise over 200 billion KRW, and inflating affiliate stock prices through false disclosures. Invossa, an injectable drug for osteoarthritis treatment, was approved for sale in South Korea in 2017 but had its approval revoked last year after it was revealed to contain components with potential tumorigenic risks.

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