Aggregated News

The prosecution said Thursday it had launched an investigation into allegations that RNL Bio, a biotechnology firm, and five of its partner clinics have been engaged in the illegal manufacturing of stem cell treatments and administering them to patients.

RNL, a Kosdaq-listed Seoul-based firm known for its expertise in stem cell research and commercial animal cloning, has long been under suspicion of profiting from manufacturing unauthorized treatments using stem cells.

The investigation came following a complaint filed by the Ministry of Health and Welfare, which reviewed the company’s practices in cooperation with the Korea Food and Drug Administration (KFDA).

The prosecution plans to determine whether stem cell treatments are in the category of medicines defined by the authorities before taking any legal action. Any company seeking to sell medication must receive approval from the KFDA after conducting clinical trials.

The health authorities discovered that the company offered stem cell treatments to about 8,000 patients over a period of three years without approval from the authorities, charging 10 million ($9,000) to 30 million won depending on the therapy.

The company extracted...