[Edaily Reporter Kim Kyung-eun ] Kolon TissueGene, Inc.(950160)The stock hit the daily price limit down early in the trading session after the company’s cell-gene therapy for knee osteoarthritis, “TG-C” (formerly known as Invos), failed to demonstrate efficacy in its U.S. Phase 3 clinical trial.
According to MP Doctor on the 21st, as of 9:09 a.m. that day, Kolon TissueGene, Inc. was trading at 42,900 won, down 18,300 won (29.90%) from the previous trading day.
In addition, KOLON CORPORATION(002020)(-29.94%), KOLON CORPORATION(1P)(002025)(-29.99%), and KOLON LIFE SCIENCE Inc.(102940)(-29.90%) also hit their daily trading limits.
Kolon TissueGene, Inc. announced after the market closed yesterday that the first analysis of TG-C’s U.S. Phase 3 clinical trial confirmed pain-relieving effects but did not meet statistical significance.
Kolon TissueGene, Inc. stated that the higher-than-expected placebo response may have been the reason for failing to meet statistical significance and that it is currently conducting further analysis.
Kolon TissueGene, Inc. plans to refine the development strategy for TG-C based on these trial results. The company is scheduled to announce the results of its second U.S. Phase 3 clinical trial in October.
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