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Kolon TissueGene Faces Delisting In Korea On Invossa Uncertainties

 
• By Jung Won Shin

Kolon TissueGene is facing delisting in South Korea after the recent revocation of approval of gene therapy Invossa, which could fuel legal action from shareholders. The company still hopes to resume Invossa trials in the US by submitting additional data demanded by the FDA.

Stock Market Down - Illustration
Kolon Life Shares Drop 22% On Decision To Delist Kolon TissueGene • Source: Shutterstock

The Korea Exchange has decided to delist the depositary receipts of US-based Kolon TissueGene Inc. from the second-tier Kosdaq market following a ministry decision to cancel the approval of its lead product Invossa (TC-C; tonogenchoncel-L), an allogeneic cell and gene therapy for knee osteoarthritis. The move is expected to have a significant impact on the company’s business.

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