The Korea Food and Drug Administration says it is likely to approve the use of a stem cell therapy drug by the end of the month.

The food and drug agency announced on Friday that "Hearticellgram-AMI," developed by the Korean pharmaceutical company FCB-Pharmicell, has passed product approval evaluations this week, including safety testing.

Hearticellgram-AMI is a drug that utilizes somatic adult stem cells for treating acute myocardial infarction, spinal cord injury and ischemic stroke.

In the event the product is approved for market by the drug agency this month, Hearticellgram-AMI will become the world's first authorized stem cell therapy drug.