Nature Cell Mired In Uncertainty as CEO Arrested For Alleged Stock Price Manipulation
The Korean biotech’s CEO and several other executives’ alleged involvement in stock price manipulation using false and exaggerated information on a pipeline stem cell therapy has damaged the credibility of its R&D efforts and shocked the domestic industry, although their fate remains to be determined after court trials.
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Amid a recent stock price rigging scandal involving a local bioventure, and the global push to improve the transparency of clinical trials, Korean financial authorities are pushing for improved public disclose by pharma/biotech companies of key information on clinical development, such as trial failures or suspensions, to better inform investors.
Biosolution's IPO, which was priced at the high end of the range despite dampened biotech sentiment following the arrest of Nature Cell's CEO, is poised to help accelerate commercialization of the South Korean cell therapy company's osteoarthritis treatment CartiLife and the progress of other pipeline assets.
Nature Cell remains positive on its degenerative osteoarthritis therapy JointStem as it seeks to move on to a Phase III study in South Korea, and reattempts to seek conditional approval after its initial such filing based on Phase II results was rejected earlier this year.