[Edaily Reporter NA EUN-KYUNG ] Kolon TissueGene, Inc.(950160) executives have jointly purchased company stock for the first time since the failure of the TG-C U.S. Phase 3 clinical trial.

According to the Financial Supervisory Service’s electronic disclosure system on the 27th, Jeon Seung-ho, CEO of Kolon TissueGene, Inc., purchased 3,230 American Depositary Receipts (ADRs) on the open market that day at an average price of 15,529 won per share. The total purchase amount was approximately 50.16 million won. As a result, CEO Jeon’s shareholding increased from 3,015 shares to 6,245 shares.

On the same day, Chief Financial Officer (CFO) Kim Jeong-in also purchased 760 shares of KD Corporation at an average price of 15,000 won. The purchase amounted to 11.4 million won, increasing his holdings from 25 shares to 785 shares.

Lee Kyu-ho, Vice Chairman of the KOLON CORPORATION, who was appointed as an inside director last March, purchased 13,160 KDR shares for an average price of 15,200 won each. The total purchase amount was approximately 200 million won, marking his first-ever purchase of Kolon TissueGene, Inc. stock.

All three executives purchased the company’s shares on the open market on the same day.

This purchase marks the first joint share buyback by the management team since Kolon TissueGene, Inc. announced that its cell-gene therapy for osteoarthritis, TG-C, had failed to meet the primary endpoint in its U.S. Phase 3 clinical trial. The total purchase amount by the three executives was approximately 262 million won, with Executive Director Lee Kyu-ho’s purchase of about 200 million won accounting for the majority. Although the total amount is not particularly large, this move is interpreted as a demonstration of the management’s commitment to responsible leadership, as it marks the first time executives—including the CEO—have jointly purchased shares since the failure of the Phase 3 clinical trial for Invosar.

TG-C is a cell-gene therapy for osteoarthritis currently under development by Kolon TissueGene, Inc.; it is the U.S. development name for “Inbosa,” which was previously approved in South Korea. Although it once garnered attention as the world’s first cell-gene therapy for osteoarthritis, its domestic marketing authorization was revoked in 2019 amid controversy over a change in its active ingredients. Since then, the company has resumed clinical trials in the U.S. and continued development as a core pipeline for KOLON CORPORATION’s biotech business; however, it recently failed to meet the primary endpoint in its first U.S. Phase 3 clinical trial. The company plans to re-demonstrate the drug’s efficacy through the results of its second Phase 3 clinical trial, scheduled for this coming October.