The Taipei Exchange yesterday fined drugmaker Medigen Biotechnology Corp (基亞生技) NT$30,000 (US$926) for failing to make a material information announcement to the public.
The company inked a deal extending licensing rights to China’s Jian Su Heng Rui Medicine Co (江蘇恒瑞醫藥) to oversee sales of its new OBP-301 liver cancer medicine that was codeveloped with Japan’s Oncolys Biopharma Inc in the Chinese market on May 20.
However, the company failed to make an announcement at the required time; one hour before the opening of the next trading session.
The move is in line with the government’s call for enhanced regulatory guidelines on publicly traded technology companies, including drug developers that require more transparent disclosure of business plans and material information.
The Financial Supervisory Commission has said that certain listed technology companies are not able to provide a steady revenue stream, which has resulted in difficulties forming investment strategies for the public.
Dubbed the “Medigen clause,” calls for more stringent information disclosure began in July 2014, when the company revealed no positive results from an interim study of its liver cancer drug, PI-88, with shares having embarked on a 20-day plunge by the daily limit.
Meanwhile, Medigen reported a net loss of NT$165.89 million in the first quarter, narrowing from a net loss of NT$178.54 million the previous year. Sales during the period grew 38.07 percent to NT$104.6 million.
Losses per share were NT$0.82.
Medigen shares yesterday fell 6.67 percent to NT$82.6 in Taipei trading.
The company’s shares had soared to an intraday high of NT$88.3 on Wednesday last week after the company reported that vaccines for enterovirus 71 and H7N9 developed by its affiliate have entered phase three clinical trials, while its biosimilar medicine production plant has begun a required certification process.
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