Kolon TissueGene has restructured its board of directors to strengthen independence and prepare for global market entry.
Kolon TissueGene said Thursday that it held a board meeting at its U.S. headquarters with newly appointed directors in attendance. The meeting took place on May 13-14 local time at the company's headquarters in Rockville, Maryland.
The board also held a strategic review session to establish a global commercialization strategy for TG-C, a knee osteoarthritis treatment. TG-C is another name for Invossa, which had been hailed as the world's first gene therapy for osteoarthritis but disappeared from the market just two years after receiving domestic approval in Korea in 2017.
"Following the resolution at the March shareholders' meeting, we will closely coordinate the execution direction of global commercialization with the newly appointed directors at this board meeting," CEO Jeon Seung-ho said. "With a board structure equipped with independence and expertise now established, we will work to leap into a global biotech company, starting with FDA approval of TG-C."
The board meeting was attended by newly joined inside director Lee Kyu-ho, co-CEOs Noh Moon-jong and Jeon Seung-ho, CFO Kim Jung-in, as well as recently appointed outside directors and global experts Jan Van Acker and Robert Ang.
The company emphasized that it strengthened the independence of the new board through responsible management and enhanced expertise. At the regular shareholders' meeting in March, Kolon Vice Chairman Lee Kyu-ho was appointed as inside director, and two biotech experts joined as outside directors. They are expected to provide professional opinions across management and contribute to establishing an independent decision-making structure for the board.
Inside director Lee Kyu-ho has led related discussions since last year as chair of the newly established Bio Healthcare Working Group (BHWG) under the APEC Business Advisory Council (ABAC). The number of global experts serving as outside directors has increased from one to two. Jan Van Acker led the commercialization of blockbuster drugs as chief marketing officer at MSD. Robert Ang is a former surgeon and former CEO of Vor Bio.
Key agenda items at the meeting included market positioning plans based on TG-C's Phase 3 clinical trial data and strategies to enhance local networking. The company is set to announce the topline results of TG-C's U.S. Phase 3 clinical trial in July. It is currently preparing to file for FDA approval.
