Trading Resumes After 2 Years and 5 Months... ShillaJen "Will Achieve Business Normalization Through Continuous R&D"

[Asia Economy Reporter Lee Gwan-joo] ShillaJen, which received a decision to maintain its listing after 2 years and 5 months, expressed its determination to achieve business normalization through continuous research and development (R&D).

Kim Jae-kyung, CEO of ShillaJen, said on the 12th, "We will closely cooperate with the major shareholder M2N, who has abundant cash liquidity, and related companies to focus on research and development," adding, "We will achieve business normalization and repay the shareholders who have trusted and waited for the company for a long time."

The Korea Exchange decided to maintain ShillaJen's listing following the review by the KOSDAQ Market Committee on the same day. Accordingly, trading of ShillaJen shares will resume from the 13th.

Previously, ShillaJen's stock trading was suspended in May 2020 due to the occurrence of a reason for a substantial review of listing eligibility after former executives, including former CEO Moon Eun-sang, were indicted and detained on charges of embezzlement and breach of trust. The Exchange's Corporate Evaluation Committee (CEC) granted a one-year improvement period in November 2020 but decided to delist the company in January this year. Subsequently, in February, the Exchange's KOSDAQ Market Committee granted an additional six-month improvement period.

At that time, the Exchange required ShillaJen to ▲ hire clinical officers in the R&D field ▲ secure business continuity by expanding the new drug pipeline. ShillaJen increased its R&D personnel in the first half of the year and completed all improvement tasks set by the Exchange, including introducing new anticancer drug candidates from Swiss company Basilea last month.

ShillaJen is currently conducting a Phase 2 clinical trial for kidney cancer jointly with global pharmaceutical company Regeneron and plans to complete the trial by the end of this year and disclose the results next year. Depending on the clinical results, it is expected to directly confirm the combined effect of Pexa-Vec and immune checkpoint inhibitors. Based on the clinical results, ShillaJen plans to negotiate licensing-out with Regeneron.

Additionally, the anticancer virus platform SJ-600, which has emerged as a key pipeline, underwent preclinical trials with Seoul National University College of Medicine and was completed earlier than scheduled based on excellent results. A paper on these results is expected to be published within this year.

Furthermore, the newly introduced anticancer agent 'BAL0891' from Swiss listed pharmaceutical company Basilea recently received FDA approval to enter Phase 1 clinical trials and plans to start clinical trials in the U.S. within this year targeting patients with metastatic solid tumors.

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