Kolon Group has appointed Jeon Seung-ho, former CEO of Daewoong Pharmaceutical, as an advisor for its biohealthcare division and CEO of Kolon TissueGene, aiming to strengthen its biohealthcare business. Jeon will spearhead the commercialization of 'Invossa' (TG-C), a gene therapy for osteoarthritis currently in Phase 3 clinical trials in the US.
Jeon Seung-ho: Ideal Leader for 'Invossa' US Market Success
During his tenure at Daewoong Pharmaceutical, Jeon successfully led the FDA approval and US launch of 'Nabota', as well as the domestic new drug approvals and launches of 'Fexuclue' and 'Envlo', demonstrating exceptional commercialization capabilities. Kolon Group expects Jeon's extensive experience and expertise to drive the success of 'Invossa' in the US market.
'Invossa' Targets US FDA Approval by 2027
'Invossa' received domestic approval as the world's first osteoarthritis gene therapy in 2017, but its US approval was revoked in 2019 due to a controversy over its composition during clinical trials. The US FDA approved the resumption of clinical trials in 2020, and Kolon TissueGene aims for US FDA approval by 2027.
Kolon TissueGene Sets $3-4 Billion Sales Target for 'Invossa' in US
Kolon TissueGene has set a sales target of $3-4 billion for 'Invossa' in the US, considering the vast osteoarthritis treatment market and the current lack of fundamental treatments. According to market research firm Precedence Research, the global osteoarthritis treatment market is expected to grow from $8.2 billion in 2022 to $18.4 billion in 2032.
Kolon Group Strengthens Biohealthcare Business Control Tower
Kolon Group has a diverse portfolio of pharmaceutical and biotech affiliates, including Kolon Pharmaceutical, Kolon Life Science, Kolon TissueGene, and Kolon Biotech. Jeon's appointment is seen as a move to strengthen the control tower overseeing these affiliates and create synergies.
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