CrystalGenomics to Buy Back 10 Billion KRW Worth of Treasury Shares

[Asia Economy Reporter Hyungsoo Park] CrystalGenomics announced on the 5th that it has decided to repurchase its own shares worth 10 billion KRW. It will enter into a trust agreement for treasury stock acquisition with Korea Investment & Securities.

The decision to repurchase treasury shares was taken because, despite the company's growth and the visibility of global clinical development, the recent decline in stock price led to the judgment that the company's value is relatively undervalued. This measure was carried out as part of efforts to enhance shareholder value and stabilize the stock price.

This year marks the first year of executing the company's growth strategy by starting clinical development in the United States for various indications based on 'Ivaltinostat.'

CrystalGenomics is proceeding with new drug approval (NDA) applications for Aselex in Russia and Brazil's regulatory authorities. It is also pursuing clinical trials for pancreatic cancer and liver cancer treatments with the U.S. FDA and strategic partnerships for entry into the global market.

Recently, the company completed the application for IND approval for phase 3 clinical trials of pancreatic cancer, a disease with no excellent therapeutic drugs, to the Korean Ministry of Food and Drug Safety.

A CrystalGenomics official stated, “The decision to repurchase treasury shares expresses confidence in the clinical development outlook as well as a commitment to enhancing shareholder value.” He added, “We judged that the active shareholder return policy was insufficient during the new drug development process, and following last month's decision for a bonus issue, we proceeded with the treasury stock repurchase.”