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September 21, 2019

KRX unveils timeline to discuss Kolon TissueGene delisting

PUBLISHED : July 05, 2019 - 18:50

UPDATED : July 05, 2019 - 18:58

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Korea Exchange on July 5 unveiled a timeline to discuss whether to delist troubled gene therapy developer Kolon TissueGene in a disclosure.

Kolon TissueGene has fallen under the case where details falsely entered or omitted in documents pertaining to its listing or listing maintenance review are important for investor protection, according to the nation’s sole stock market operator. 

Korea Exchange Seoul office

Related:
Govt revokes permit for gene therapy drug Invossa
KRX slaps temporary ban on IPO sponsors following Invossa uproar

KRX has notified Kolon TissueGene that it will be under review for 15 trading days by the Kosdaq Listing Maintenance Review Committee to decide whether it will be delisted, be granted a grace period for improvement or be found eligible for listing, by July 26.

If Kolon TissueGene submits a document with plans for rehabilitation procedures before July 26, the deadline for the committee’s decision will be extended 20 trading days from the date of submission.

This comes in line with a recent debacle involving Invossa, which was believed to be a gene therapy for knee joint osteoarthritis. Kolon TissueGene, the developer of Invossa, is accused of ingredient errors.

Sales and production of Invossa were suspended by the Ministry of Food and Drug Safety earlier this week.

If the result of the review by the committee corresponds to delisting, the final decision will be made by the Kosdaq Market Committee. Otherwise, if Kolon TissueGene is given a grace period for rehabilitation, the listing maintenance review committee will make a decision after the rehab process is complete.

By Son Ji-hyoung (consnow@heraldcorp.com)

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