Jin Yang-gon, the chairman of HLB, delivers a speech at the 2nd HLB Bio Forum held at Sofitel Ambassador Seoul in Songpa-gu, Seoul on May 23, 2024. /Courtesy of Yonhap News Agency

HLB Group announced that Chairman Jin Yang-gon purchased 100,000 shares of HLB Innovation and 62,678 shares of HLB Jenex over the course of two days, including the previous day, on the 16th.

This acquisition occurred after completing the manufacturing and quality control (CMC) due diligence, which is the final stage for the U.S. approval of HLB's liver cancer new drug. The company noted, "After revealing the completion of CMC due diligence, the volatility of the stock price of group listed companies increased overall," adding, "Through additional equity purchases in affiliates, we aim to demonstrate strong expectations for new drug approval and achieve responsible management."

On the 14th, the company announced that it completed the due diligence by the U.S. Food and Drug Administration (FDA) for HLB's anti-cancer drug riboceranib and the CMC due diligence for the production facility of its partner, China's Hangzhou Hikvision.

Chairman Jin has steadily increased his equity stake in affiliates, holding a total of 425,645 shares of HLB Jenex as of now, having continuously purchased shares since November last year. He also bought shares of HLB Therapeutics and HLB bioStep last year, consistently raising his stake.