[Special Stocks] 'New Drug Approval Failure' HLB and Group Stocks All Hit Lower Limit

FDA Requests Supplement for HLB Liver Cancer Drug, Approval Not Granted
Group Stocks That Had Risen on Hopes Plunge to Lower Limits
Chairman Jinyangon: "Will Inform Once Details Are Confirmed"

HLB hit the lower limit price. It took a direct hit following the news of the new drug approval failure.

As of 9:27 AM, HLB is trading at 67,100 KRW, down 28,700 KRW (29.96%) from the previous day. Not only HLB, but other group companies such as HLB Life Science, HLB Therapeutics, HLB Biosstep, HLB Pharmaceutical, HLB Innovation, and HLB Panagen are all hitting their lower limit prices.

In May last year, HLB applied to the FDA for approval of a new drug as a first-line treatment for liver cancer, combining 'Rivoceranib' and 'Camrelizumab,' an immune oncology drug from China’s Hansoh Pharmaceutical. If HLB’s liver cancer drug had passed the FDA threshold, it would have been the first case of an anticancer treatment developed by a domestic company receiving FDA approval. Because of this, HLB group stocks surged overall ahead of the FDA announcement. However, the FDA sent a final request for supplementary information to HLB on this day, effectively causing the new drug approval to fail.

Jinyang Gon, Chairman of HLB, said, "The FDA notified us and Hansoh Pharmaceutical in China of the supplementary information request at 6:45 AM Korean time today," adding, "We will inform you through our website or blog once we have more detailed information."