South Korea's Financial Supervisory Service concluded that Genencell, the company at the center of clinical trial lobbying allegations against Justice Minister nominee Kim Seung-won, used false and exaggerated information to prop up the share price of an investor company.
According to a report obtained by the office of People Power Party lawmaker Shin Dong-wook on the 15th, Genencell claimed from around June 2020 that its COVID-19 treatment candidate, ES16001, was undergoing Phase 2 and Phase 3 approval procedures with India's Central Drugs Standard Control Organization (CDSCO). When the FSS searched the Clinical Trials Registry-India (CTRI) for related records, it found the claims were false and exaggerated. Kim is accused of lobbying then-Minister of Food and Drug Safety Kim Kang-lip for approval of the treatment.
The FSS confirmed that one clinical trial of Genencell's ES16001, assessing its effectiveness as an adjuvant treatment for COVID-19, was conducted between September and December 2020, but that the trial was aimed at securing designation as an Ayurvedic product, a natural-substance medicine, rather than as a COVID-19 treatment. The drug that Genencell described as a COVID-19 treatment was not even subject to CDSCO approval.
The FSS determined that Genencell's false and exaggerated promotion was intended to lift the share price of Feelux, a company that had invested in it. When Genencell announced in January 2021 that its Phase 2 trial in India had shown...
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