[Edaily Reporter Shin Ha-yeon ] Kolon TissueGene, Inc.(950160)is hitting the daily price limit down for two consecutive days after failing to demonstrate efficacy in the U.S. Phase 3 clinical trial of its cell-gene therapy for knee osteoarthritis, “TG-C” (formerly Invossa).

According to MP Doctor on the 22nd, as of 9:15 a.m. that day, Kolon TissueGene, Inc. was trading at 30,500 won, down 12,850 won (29.95%) from the previous trading day. The stock had also closed at the daily limit down the previous day. At the same time, KOLON LIFE SCIENCE Inc.(102940)(-19.29%) and others were also falling in tandem.

On the 20th, Kolon TissueGene, Inc. announced that the first analysis of the U.S. Phase 3 clinical trial for TG-C confirmed pain-relieving effects but did not meet the criteria for 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.