On the 22nd, the share price of Kolon TissueGene(950160) is hitting the lower limit (the daily price floor). On the news that an arthritis treatment under development failed in phase 3 clinical trials in the United States, it fell by the limit down for the second straight day.
As of 9:44 a.m. that day, Kolon TissueGene shares were trading on the KOSDAQ market at 30,050 won, down 29.95% (12,850 won) from the previous session.
Kolon TissueGene announced top-line (primary endpoint) results on the 20th via a regulatory filing for the U.S. phase 3 clinical trial (TG-G 15302 Study) of its cell and gene therapy for osteoarthritis, "TG-C."
TG-C failed to achieve statistical significance versus placebo for both primary endpoints: the visual analog scale (VAS) pain score at 12 months and the Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) total score.
Jeon Seung-ho, co-CEO of Kolon TissueGene, said at a press briefing held the previous day, "I think it is a half success, not a success or a failure," and added, "We will closely analyze the cause of the larger-than-expected placebo response and decide our future approval strategy and commercialization direction."