Kolon Life Science Inc. will export Invossa K, the world’s first cell and gene therapy for knee osteoarthritis, to Hong Kong, Macao and Mongolia.
The company announced on June 20 that it has signed a 16.9 billion won (US$15.25 million) contract with Zhongji 1 International Medical Group in Hong Kong to supply Invossa for five years until June 20 in 2023. Zhongji, which provides medical services for knee osteoarthritis, will have the exclusive sales rights for Invossa during the contract period.
Kolon Life Science can immediately sell Invossa in Hong Kong and Macao based on the permission of the Korean Ministry of Food and Drug Safety to sell the innovative drug. The company will inject Invossa to patients without additional clinical trials for the first year. It plans to obtain an official license based on local data accumulated for a year.
Kolon Life Science has also signed an agreement with Mongolia’s Vim Med LLC to export Invossa for five years. In Mogolia, the company will be able to sell Invossa in the second half of this year after receiving approval for exports from the Mongolian health authorities.
Lee Woo-suk, CEO of Kolon Life Science, said, “With the latest agreements, Invossa can be exported without additional clinical trials based on the license in South Korea. We will step up efforts to win more export and license contracts.”