[Featured Stock] Sejong Medical Rises 21% Alongside Canary Bio's Stock Surge

[Asia Economy Reporter Minji Lee] Sejong Medical, a manufacturer of medical devices including laparoscopic surgical instruments, is showing an upward trend of over 21%. This rise is analyzed to be due to the surge in stock price of Canaria Bio, which is pursuing the acquisition of Sejong Medical's shares.

At 2:20 PM on the 26th, Sejong Medical was trading at 4,320 KRW, up 21.69% compared to the previous trading day. The company's stock price even soared to 4,570 KRW during the day.

The stock price increase was influenced by the news that Canaria Bio's global Phase 3 clinical trial of 'Oregovomab'?conducted on ovarian cancer patients across 152 sites in 16 countries?passed the DSMB (Data Safety Monitoring Board) review. The global Phase 3 trial data is reviewed every six months by the DSMB, which has the authority to halt the trial not only for serious safety issues but also if it determines the treatment is ineffective.

Previously, Canaria Bio's parent company, Canaria Bio M (formerly Duol Mulsan), announced its intention to purchase 400,000 shares from Sejong Medical's largest shareholder, CEO Jaecheol Lee. However, the payment for the contract was postponed twice consecutively on the 29th of last month and the 16th of this month, with the re-announced payment date set for the 30th. If the payment is made, the management rights of Sejong Medical will be transferred through a shareholders' meeting scheduled for the 4th of next month.