Kolon Group was given the green light for exporting Invossa, the world's first cell gene-based osteoarthritis drug, to the Middle East.
Lee Woong-yeol, chairman of the Kolon Group, met with Sheikh Saud Bin Saqr Al Qasimi, current emir of Ras Al Khaimah, who was visiting Korea in Kolon One & Only Tower in the Magok district of Gangseo-gu, Seoul on May 3.
Ras Al-Khaimah is one of seven emirates making up the United Arab Emirates (UAE) and is known to have Royal Sheikh Khalifa Hospital under the management of Seoul National University Hospital in Korea.
In the meeting, King Sheikh Saud showed a big interest in the Kolon Group's osteoarthritis treatment medicine Invossa. King Sheikh Saud visited the Kolon Group to take a tour of research facilities in person and meet with President Lee after hearing about the effects of the drug through Royal Sheikh Khalifa Hospital. "Up to now, I have known that osteoarthritis treatment is only possible with incision surgery," King Sheikh Saud said. “After the tour of the research center and an explanation about the product, I learned that a simple treatment can relieve long-term knee pain and improve activity."
Invossa is the world’s first cell gene-based osteoarthritis drug that was developed by the Kolon Group after 19 years of research. One shot of the new drug can ease pain for one to two years and improve activity. In Korea, Kolon Life Science has been selling the drug since receiving its approval from the Korea Food and Drug Administration (KFDA) in July of last year. In the US, Kolon Tissue Gene is currently preparing a Phase 3 clinical trial.
Invossa sent to Sheikh Khalifa Hospital last month is currently undergoing procedures for testing medication by the UAE. The Kolon Group is not hiding its expectations but waiting the results in a gingerly manner. "We are very prudent about exporting the drug right now because of the procedures related to actual sale in the UAE," said an official of the Kolon Group “But King Sheikh Saud’s visit to Korea and the test medication in the UAE will help Invossa make a foray into the Middle East."