Cologene Tissue Stock Falls 85.87% From May High, Halts Three Consecutive Trading Days After U.S. Phase 3 Trial Fails

According to Seoul Economic, on July 23, Cologene Tissue stock plunged 29.95% to 21,050 Korean won and halted in three consecutive trading sessions following the failure of its TG-C arthritis drug in U.S. Phase 3 trials. The stock has tumbled 85.87% from its May 15 peak of 149,000 won after the company disclosed that TG-C failed to demonstrate statistical significance compared to placebo in primary endpoints (visual analog scale and WOMAC score) in the TGC-15302 trial.

On July 21, Korea Investment & Securities downgraded the stock to 'neutral' from 'buy,' citing that the trial results diverged from prior Korean and U.S. Phase 2 outcomes. The firm noted that current valuations offer limited upside potential, though it did not rule out success in a second Phase 3 trial expected in October.