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Kolon TissueGene has appointed former Daewoong Pharmaceutical CEO Jeon Seng-ho, who led the latter’s new drug development success, as its new CEO, seeking to overcome management difficulties and revive new drug development.
On Wednesday, Kolon TissueGene held its 26th general shareholders meeting and approved major agenda items.
At the meeting, the financial statements for the 26th period (Jan. 1 to Dec. 31, 2024) were approved as drafted. Kolon TissueGene posted sales of 5.07 billion won ($3.44 million), an operating loss of 21.97 billion won, and a net loss of 33.79 billion won on an individual basis. Total assets were 222.28 billion won, total liabilities were 76.38 billion won, and total equity was 145.94 billion won.
The annual general meeting also approved the director compensation limit, auditor compensation limit, and stock option grant.
Kolon TissueGene’s new CEO Jeon Seng-ho
Kolon TissueGene’s new CEO Jeon Seng-ho
As a result, CEO Noh Moon-jong was re-elected, and former Daewoong Pharmaceutical CEO Jeon was appointed as co-CEO.
With this appointment, Jeon will co-lead Kolon TissueGene alongside CEO Noh.
Jeon is an expert who graduated from the Department of Pharmacy at Seoul National University and earned a master's degree in pharmaceutical sciences from the same graduate school. He served as CEO of Daewoong Pharmaceutical from March 2018 to March 2024, overseeing significant milestones in new drug development.
As CEO of Daewoong Pharmaceutical, he oversaw the technology export of the P-CAB-based gastroesophageal reflux disease (GERD) drug Fexuclue (fexuprazan), which secured contracts worth more than 1.1 trillion won in 14 countries and achieved the largest operating profit since its inception of more than 90 billion won.
In addition, he successfully led the launch of other new drugs, such as Envlo (enavogliflozin), a homegrown SGLT2 inhibitor, and led advancements in various R&D fields, including the phase 3 clinical trial of enavogliflozin.
According to a recently published business report, Kolon TissueGene is conducting a phase 3 clinical trial in the U.S. to treat knee osteoarthritis (Knee OA) using its flagship product, TG-C.
TG-C is the name of a cell gene therapy drug developed by Kolon Life Science, Invossa-K Injection, whose license was revoked by the Ministry of Food and Drug Safety after it was found to contain kidney-derived cells instead of cartilage-derived cells.
As of July 2024, Kolon TissueGene has completed enrollment of 1,066 patients in two clinical trials for approval and is conducting follow-ups of dosed patients. This follow-up will continue for two years from the last patient dose and will be followed by a data analysis period before filing a biologics license application (BLA) with the U.S. FDA.
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Kim Chan-hyuk kch@docdocdoc.co.kr
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