Kolon TissueGene Maintains Listing... Trading Resumes from Tomorrow

Kolon TissueGene 'Invossa'. Photo by Kolon TissueGene

[Asia Economy Reporter Oh Su-yeon] The listing of Kolon TissueGene, which had its trading suspended for 3 years and 5 months due to the new drug 'Invossa-K Injection (Invossa)' scandal and embezzlement and breach of trust by former executives, has been maintained.

The Korea Exchange announced on the 24th that it has decided to maintain Kolon TissueGene's listing.

Accordingly, trading of Kolon TissueGene shares will resume from the 25th. This is about 3 years and 5 months since trading was suspended in May 2019.

The Exchange held a Corporate Review Committee and a KOSDAQ Market Committee on the same day. The Corporate Review Committee decided to maintain the listing based on the submission of Kolon TissueGene's improvement plan implementation report, and the KOSDAQ Market Committee reviewed the resumption of Invossa clinical trials.

Previously, in 2019, Kolon TissueGene's product approval was revoked by the Ministry of Food and Drug Safety due to controversy over the components of the osteoarthritis treatment drug Invossa. As a result, it was subjected to a substantive review of listing eligibility by the Exchange, leading to the suspension of trading.

Separately, in 2020, it was again subjected to a substantive review of listing eligibility due to allegations of embezzlement and breach of trust by former executives.

In August last year, the Exchange held a Corporate Review Committee for Kolon TissueGene and granted a one-year improvement period. Kolon TissueGene submitted the related improvement plan implementation report on the 23rd of last month.

As of the end of last year, Kolon TissueGene had 61,638 minority shareholders, holding 36.02% of the total shares. Just before the suspension of trading, Kolon TissueGene's market capitalization was 489.6 billion KRW.

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