The Korea Exchange has approved the decision to abolish the listing of Kolon TissueGene, which has been controversial due to the ‘Invossa’ scandal.
The exchange said on Nov. 4 that it reviewed and decided to delist Kolon TissueGene after a meeting of the KOSDAQ Market Committee.
"Taking into account the improvement plan submitted by Kolon TissueGene, we believe that the implementation during the improvement period was insufficient," the exchange said.
"Although the U.S. Food and Drug Administration (FDA) has lifted the hold on the clinical three-phase test on Invossa, it has not yet entered the clinical trial, so it has been evaluated as insufficient," it said.
Kolon TissueGene may file an objection within seven days from the date of receipt of the notice of delisting. If the company files an objection, the exchange will hold a KOSDAQ market committee within 15 days to decide again whether to delist it.
If there is no objection, the clearance sale schedule will be set after the expiration date of the application and the delisting process will be carried out.
Meanwhile, Kolon TissueGene said it plans to take this application process and actively explain the delisting. Previously, the ingredients of Invossa, a treatment for osteoarthritis, were found to be kidney cells, not cartilage cells, which were initially known.