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Green Cross Lab shares extend rally on news of state cell-based project with Canada

Collected: 2017.11.28

Distributed: 2017.11.30

Source: Go Direct

Shares of Korea’s Green Cross Lab Cell jumped further Tuesday after the company confirmed it was selected jointly with Canada’s Feldan Therapeutics to participate in a project to develop an oncology drug based on high-performance natural killer (NK) cells with low immunogenicity using gene editing technology.

The project is organized by the Korea Institute for Advancement of Technology (KIAT) under the Ministry of Trade, Industry and Energy as part of joint international research programs between Korea and Canada this year.

Green Cross Lab Cell will receive $650,000 from the Korean government and Feldan Therapeutics 600,000 in Canadian dollars from the National Research Council in Canada for the next three years.

At 1:50 p.m. shares of the research arm of Green Cross shot up 10.4 percent to 66,000 won while the Kosdaq index fell 1.6 percent. The stock has been on a rally for 12 consecutive days to historic highs despite investment warning from the stock authority.

The two companies have already cooperated in basic research for a year to develop a next-generation oncology drug with natural killer cells to recognize and attack tumors while staying longer in the body.

The immune cell therapy is based on the combination of Green Cross Lab Cell’s large-scale culture and cryopreservation technologies and Feldan Therapeutics’ peptide-based delivery method called Shuttle Platform.

By Kim Hye-soon and Minu Kim

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