Kolon TissueGene delisting being considered by KRX

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Kolon TissueGene delisting being considered by KRX

The Korea Exchange (KRX), Korea’s bourse operator, said Friday it will review whether Kolon TissueGene, a subsidiary of Kolon Life Science, is eligible for listing on the stock market.

This comes two days after the government formally revoked its permit for the Invossa gene-therapy drug for mislabeling and the false reporting of a material used in the manufacture of the treatment.

In a statement, the bourse operator said it will make a decision on possible delisting of Kolon TissueGene by July 26.

Depending on the outcome of the review, shares of Kolon TissueGene could be delisted or remain on the Kosdaq market.

Kolon TissueGene, a U.S.-based affiliate of Kolon Life Science, was listed on the secondary market in 2017. The trading of Kolon TissueGene has been suspended since May 29.

On Wednesday, the Ministry of Food and Drug Safety said it made the final decision banning the production and sales of Invossa after it canceled the license for the drug made by Kolon Life Science in late May and ordered the suspension of sales in April.

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