Kolon TissueGene has formed a new board of directors to strengthen independence and begin preparations for entry into global markets.
The company said Wednesday it recently held a board meeting and a strategy review session at its headquarters in Rockville, Maryland, with newly appointed directors in attendance, to formulate a global commercialization strategy for TG-C, its knee osteoarthritis treatment. TG-C is another name for Invossa, which was once anticipated as the world's first gene therapy for osteoarthritis but disappeared from the market just two years after receiving Korean approval in 2017.
"Following the resolution at the March shareholders' meeting, we will meticulously coordinate the execution direction of global commercialization with the directors newly appointed at this board meeting," CEO Jeon Seung-ho said.
The company emphasized that it has enhanced the independence of the new board through responsible management and strengthened expertise. At the regular shareholders' meeting in March this year, Kolon Vice Chairman Lee Kyu-ho was appointed as an inside director, and two experts in the bio sector joined as outside directors. The number of global experts serving as outside directors also increased from one to two. Jan Van Acker led the commercialization of blockbuster drugs at MSD, including as chief marketing officer. Robert Ang, a former surgeon, previously served as CEO of Vor Bio.
Key agenda items at the meeting included a market positioning plan based on TG-C's Phase 3 clinical trial data and a strategy to enhance local networking. The company is set to announce topline results of the U.S. Phase 3 clinical trial of TG-C in July. It is currently preparing to file for FDA marketing approval.
