[Featured Stock] Kolon Life Science Hits Upper Limit Following Not Guilty Verdict on 'Invossa Ingredient Manipulation' Charges

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Kolon Life Science hit the upper price limit. This came after executives were acquitted in the first trial regarding the manipulation of the components of the osteoarthritis gene therapy Invossa.

At 2:14 PM on the 19th, Kolon Life Science surged 29.84% (upper limit) during trading, reaching 27,850 KRW.

On the same day, the Seoul Central District Court Criminal Division 25-3 acquitted Kolon Life Science director Jo and executive director Kim of charges including obstruction of official duties by deception, fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and violation of the Subsidy Act. This is the court's first ruling since the prosecution launched an investigation and indicted several related parties following the controversy over Invossa's components in 2019.

The court acknowledged that they recorded some information that did not correspond to the facts but judged them not guilty, stating, "There is suspicion that the Ministry of Food and Drug Safety's verification was insufficient during the Invossa product approval process."