Kolon TissueGene, involved in the 'Invossa controversy,' received a one-year improvement period

[Asia Economy Reporter Geum Bo-ryeong] Kolon TissueGene, which was on the verge of delisting due to controversy over the components of 'Invossa-K Injection,' has been granted a one-year improvement period.

On the 17th, the Korea Exchange held a KOSDAQ Market Committee meeting and announced that it decided to grant Kolon TissueGene a one-year improvement period after reviewing whether to delist the company.

Kolon TissueGene must submit a report on the implementation of the improvement plan and an expert's verification of the results within seven business days from December 17 of next year, the end date of the improvement period. The Exchange plans to hold a KOSDAQ Market Committee meeting within 15 business days from the submission date to review and decide on the delisting.

Previously, the KOSDAQ Market Committee met twice on the 7th and 15th but failed to reach a conclusion and decided to continue the deliberation.

Last May, Kolon TissueGene's 'Invossa-K Injection' was revealed to contain kidney cells instead of the originally reported cartilage cells, causing a major controversy. Consequently, the Exchange designated Kolon TissueGene for a substantial review of listing eligibility.

Separately, Kolon TissueGene was granted an improvement period until May 10 of next year due to additional delisting reasons arising from the external auditor's refusal to issue an opinion.

The substantial review procedure related to the listing eligibility issue caused by embezzlement and breach of trust allegations in July will proceed after resolving the delisting reason of auditor's opinion refusal.

Trading of Kolon TissueGene's stock has been suspended since May last year. The stock price just before suspension was 8,010 KRW.

This content was produced with the assistance of AI translation services.