[Special Stock] Kolon TissueGene Returns After 3 Years and 5 Months, Hits Upper Limit on First Day
[Asia Economy Reporter Lee Seon-ae] Kolon TissueGene went straight to the upper limit price as soon as it returned to the KOSDAQ market.
On the 25th, when trading resumed after 3 years and 5 months, Kolon TissueGene was trading at 20,850 won, up to the price limit (29.91%) compared to the opening price as of 9:18 a.m. The opening price was set at 16,050 won, which is double the closing price of the previous trading day (8,010 won).
The Korea Exchange announced that it decided to maintain Kolon TissueGene's listing after holding a KOSDAQ Market Committee meeting following the Corporate Evaluation Committee the day before.
Kolon TissueGene drew attention in July 2017 when its ‘Invossa,’ the world’s first ‘gene therapy for osteoarthritis,’ was approved by the Ministry of Food and Drug Safety. However, in May 2019, trading was suspended amid controversy over the composition of Invossa, which was undergoing Phase 3 clinical trials in the United States. It was revealed that the main ingredient of Invossa was kidney cells, not cartilage cells, leading the Ministry of Food and Drug Safety to revoke its product approval. Subsequently, Kolon TissueGene was designated for a substantial review of listing eligibility.
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The securities industry viewed that the Exchange highly evaluated the efforts to implement the improvement plan. Earlier, Kolon TissueGene submitted a report on the implementation of the improvement plan related to this on September 23. The report reportedly included clinical progress for the revival of Invossa, securing financial soundness such as raising research and development (R&D) funds, and more. A Korea Exchange official explained the reason for maintaining the listing, stating, "Phase 3 clinical trials of Invossa are ongoing in the United States, and the major shareholder has secured and plans to support sufficient funds necessary for future research, development, and clinical trials."
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