SEOUL– South Korea’s bourse operator on Monday decided to keep Kolon TissueGene Inc. listed on the secondary KOSDAQ after more than three years of trading suspension of the scandal-ridden drugmaker.
The trading of Kolon TissueGene has been suspended since late May of 2019 after the government revoked its permit to sell the gene therapy drug Invossa over the mislabeling and false reporting of an ingredient.
The firm’s trading is set to resume Tuesday.
The Korea Exchange’s (KRX) decision came after two of its review committees separately looked into the firm’s listing qualifications.
The KRX’s corporate review committee looked into the bio firm’s embezzlement and breach of trust. The committee had given the embattled firm a one-year grace period to make improvements.
The KRX’s KOSDAQ market committee reviewed the drugmaker’s Invossa fiasco. In December 2021, Kolon TissueGene resumed the third phase of Invossa’s clinical testing for the United States.
As of its last trading on May 28, Kolon TissueGene’s market cap had stood at 489.6 billion won (US$332.5 million), with its stake held by some 65,000 retail shareholders.
Source: Yonhap News Agency