Shares of Kolon Life Science shot up after the regulator decided to delay the decision on the delisting of Kolon TissueGene, a subsidiary of Kolon Life Science, by one year.
The stock price of Kolon Life Science went up by a daily limit of 30 percent to hit 29,250 won ($24.73) as of 2:24 p.m., Monday.
On Friday, the Korea Exchange’s Kosdaq Market Committee said it decided to defer its decision on whether to delist Kolon TissueGene by 12 months.
The decision reflects the regulation’s intention to review the matter after confirming whether Kolon TissueGene will be able to resume phase-3 clinical trials on osteoarthritis gene therapy Invossa-K in the U.S. The Food and Drug Administration has requested the company to submit supplementary data to resume the study on Invossa.
Within seven business days from the ending date of the grace period on Oct. 10, 2020, Kolon TissueGene has to submit to the KRX a record of the details of management improvements. KRX will hold a meeting of the Kosdaq Market Committee within 15 days from the submission of the record to decide whether it would kick the firm out of the stock market.
Until then, KRX will put on hold all transactions of Kolon TissueGene shares.
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