Lee Woong-yeol, the honorary chairman of Kolon Group, along with the corporation itself, have been indicted on charges related to the tampering of the ingredient of Invossa Injection, a treatment for osteoarthritis. The first trial is anticipated to conclude in the first half of the year, with a dec
Kolon Life Science filed a lawsuit against the Korean Ministry of Food and Drug Safety (MFDS), claiming that the revocation of the license for its osteoarthritis gene therapy Invossa-K Inj. was invalid but lost the appeal.On Feb. 7, the Seoul High Court ruled in favor of the plaintiff in the appeal
Kolon Life Science has licensed out its osteoarthritis cell gene treatment TG-C, also known as Invossa, to a new biotech company in Singapore in a deal worth up to 720 billion won.The company announced on April 13 that it has signed a 723.4 billion won (US$587.18 million) technology export contract
Kolon Life Science may have to pay about 43 billion won in damages to Mitsubishi Tanabe, a Japanese pharmaceutical company, depending on the outcome of mediation by the International Chamber of Commerce (ICC), the company said in a public disclosure on Jan. 12.In detail, Kolon Life Science will have
Korea Exchange decided on Nov. 4 to delist Kolon TissueGene. Previously, it turned out that its Invossa-K, the world’s first gene therapy product for osteoarthritis patients, contains renal cells instead of chondrocytes and the Ministry of Food and Drug Safety canceled its approval in May last year
The Seoul Central District Prosecutors' Office requested an arrest warrant for former Kolon Group chairman Lee Woong-yeol on charges of violating the Pharmaceutical Act, fraud and breach of trust.The prosecution has been investigating allegations surrounding Invossa K, a gene therapy drug for os
The U.S. FDA has allowed Kolon TissueGene to resume the phase 3 clinical trial of Invossa-K. At the same time, the U.S. FDA requested data on how to improve production processes for the gene medicine and on the stability of clinical samples.Previously, the U.S. FDA told the subsidiary of Kolon Life
This year, South Korea's biotech industry faced a crisis due to a series of phase 3 clinical trial failures. The examples include Kolon TissueGene, Helixmith and SillaJen. The phase 3 clinical trial for Kolon TissueGene’s Invossa had to be stopped due to the use of unapproved cells that can lead
Kolon TissueGene has avoided being delisted from the Korean stock market. The company is planning to receive a review for returning to the stock market after checking the process of resuming Phase 3 clinical trials for one year.Korea Exchange held a KOSDAQ Market Committee meeting on Oct. 11 to deci
Kolon Life Science Inc. announced on Sept. 23 that the U.S. Food and Drug Administration (FDA) maintained its order to suspend patient enrollment for clinical trials on Kolon TissueGene’s gene osteoarthritis drug Invossa, whose permit as Korea’s first gene therapy drug had been revoked by the Korean
The KOSDAQ market division of Korea Exchange (KRX), South Korea's bourse operator, announced on Aug. 26 that its corporate review board has tentatively decided to delist Kolon TissueGene Inc., an affiliate of Kolon Life Science, as it submitted a false document when it was listed two years ago.H
The combined market cap of pharmaceutical and bio firms listed on the secondary KOSDAQ market shrunk more than 4 trillion won (US$3.39 billion) this year.The market cap of pharmaceutical and biotech companies on the KOSDAQ market came to 28.90 trillion won (US$24.51 billion) as of the end of last mo
The top 20 companies in the secondary KOSDAQ market have lost nearly 12 trillion won (US$10.24 billion) in market value so far this year. This is because most of the biotech, media and entertainment stocks, which rank among the top in terms of market cap and are the three pillars of the KOSDAQ marke
The Ministry of Food and Drug Safety (MFDS) canceled the manufacturing and sales licenses for Kolon Life Science's degenerative arthritis gene therapy Invossa-K Inj on July 3. Kolon Life Science immediately expressed regret on the agency’s decision.Following the final decision, the licenses of I
Korea Exchange (KRX) has decided to postpone its decision on whether to delist Kolon TissueGene Inc. which caused the Invossa debacle.KRX said on June 19, “We will extend the deadline of the ongoing Invossa investigation considering the needs for additional investigations to decide on whether to inc
The South Korean initial public offering (IPO) market has suffered the worst contraction for two years in a row as the intensifying trade war between the United States and China and Korea's economic downturn weighed down its stock market.The volume of new IPOs came to 1.17 trillion won (US$990.3
While the Invossa shock has damaged the credibility of Korea’s biotech industry, Korean biotechnology companies are redoubling efforts to find their way into the overseas market.Industry sources said on June 2 that a total of 37 Korean companies will participate in Bio USA 2019, the world's larg
The primary reason the Ministry of Food and Drug Safety decided to cancel Kolon Life Sciences' license for degenerative arthritis gene therapy Invossa was the company’s submission of false data to win approval.In both the polymerase chain reaction (PCR) test carried out by the Drug Ministry and
Kolon Group is in the biggest crisis since its foundation as the Ministry of Food and Drug Safety has revoked the license of Kolon Life Science's Invossa-KInj. Invossa has been regarded as the biggest achievement of the former group chairman Lee Woong-yeul, who used to say that he invested a thi