Kolon crashes on TG-C failure; NGeneBio soars [K-bio pulse]

[Kim Jin Su, Edaily Repoeter] Shares of three Kolon Group affiliates tumbled Tuesday after Kolon TissueGene's osteoarthritis cell and gene therapy TG-C — formerly known as Invossa — failed a late-stage U.S. clinical trial. Kolon TissueGene and Kolon Life Science, which holds the therapy's commercialization rights, both fell by their daily limit, while Kolon Corp., the developer's largest shareholder, pared some losses to close off its intraday floor.NGeneBio, by contrast, surged to its daily upper limit as uncertainty over a planned rights offering cleared and the company shored up a steadier business base.Kolon TissueGene, Kolon stock trend. (KG Zeroin)TG-C fails to show efficacy; Kolon Group sells offAccording to MP Doctor, the market data service operated by KG Zeroin (formerly Market Point), Kolon TissueGene opened at its daily lower limit and closed there at 42,900 won. Analysts attributed the drop to TG-C's failure to reach statistical significance in a Phase 3 trial conducted in the United States.After the market closed Monday, Kolon TissueGene disclosed the results of the U.S. Phase 3 study. The therapy missed both co-primary endpoints at 12 months — the pain score on the V...