Kolon TissueGene Adds Former Executives' Breach of Fiduciary Duty to Listing Eligibility Review Reasons

[Asia Economy Reporter Han Jinju] The Korea Exchange KOSDAQ Market Division announced on the 21st that Kolon TissueGene disclosed the occurrence of embezzlement and breach of trust allegations by former management, resulting in an additional reason for a substantive review of listing eligibility.

Previously, Kolon TissueGene became subject to a substantive review of listing eligibility last year. This was due to the discovery that the components of Invossa-K, a treatment for osteoarthritis, were kidney cells rather than the originally reported cartilage cells. Subsequently, the company received a delisting decision at the first review stage by the Corporate Evaluation Committee, but in October last year, the KOSDAQ Market Committee granted a 12-month improvement period.