Kim Jeong-geun, 65, founder and largest shareholder of Oscotec, has died.
Oscotec said on Feb. 5 that adviser Kim Jeong-geun died in the United States.
Accordingly, inheritance proceedings have begun for 4,763,955 shares (12.45%) of equity held by Kim. Details such as the final attribution of equity and the largest shareholder after the change have not yet been finalized.
The company plans to make corrections or additional disclosures in accordance with relevant laws and regulations as soon as details are confirmed.
An Oscotec official said, "Under the current management and board structure, we plan to carry out key tasks such as business operations and research and development stably as planned."
Kim Jeong-geun, a former dentist, founded Oscotec in 1998 and laid the groundwork for the development of Leclaza (ingredient name Lazertinib), the first domestically developed anticancer drug to receive U.S. Food and Drug Administration (FDA) approval. Yuhan introduced in-licensed the new drug candidate jointly developed by Oscotec and its subsidiary Genosco in 2015 and continued development.