Lunit Files Registration Statement for Initial Public Offering

News provided by

Jun 16, 2022, 09:00 ET

First Korean healthcare company to obtain "AA-AA" ratings in technology assessment for its FDA-cleared and CE-marked solutions
To accelerate listing on the KOSDAQ market within July

SEOUL, South Korea, June 16, 2022 /PRNewswire/ -- Lunit, a leading provider of AI solutions for cancer, today announced that it has filed a registration statement with the Korean Exchange for an initial public offering (IPO) of its common stock. Lunit intends to list its common stock on the KOSDAQ market under the ticker code "A32813". NH Investment & Securities will act as book-running manager, backing Lunit's debut.

A total of 1,124,300 shares will be offered in the price range of KRW 44,000 to 49,000 ($34-38). The exact price will be determined after recording the demand of institutional investors on July 7-8, while retail buyers can take part in the public subscription during July 12-13.

Based on the low end of the targeted range, Lunit expects to raise about KRW 54 billion ($42 million). The company plans to spend the capital in laying the cornerstone for sustainable growth by financing R&D of its AI products and global market development.

"AI matters in the field of healthcare and medicine, and it is transforming the industry," said Brandon Suh, CEO of Lunit. "By going public, Lunit will strive to further pioneer the global medical AI market and spearhead a new way of cancer diagnostics and treatment support, which is in line with our mission: Conquer cancer through AI."

Lunit achieved triple-digit growth every year since 2019. During the first quarter of FY2022, Lunit earned 44.8% of last fiscal year's total revenue. The company reached a revenue growth of 552% on a comparable basis, while revenue from overseas markets also surged 731% year-over-year.

* This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities.

About Lunit

Lunit is a medical AI software company devoted to developing AI solutions for precision diagnostics and treatment support, mainly focused on conquering cancer.

Lunit has partnered with global medical device giants such as GE Healthcare, Philips, and FujiFilm. The company also focuses on its biomarker business through an exclusive partnership with Guardant Health, a leading global liquid biopsy company.

Lunit has earned international recognition for its unprecedented, state-of-the-art AI technology. More than half of its employees are research and development (R&D) specialists, with more than 12 medical doctors working as a full-time staff.

Lunit's flagship products are Lunit INSIGHT and Lunit SCOPE. The FDA-cleared and CE-marked Lunit INSIGHT series provide AI-powered detection of chest abnormalities and breast cancer with 96-99% accuracy. As of March 2022, Lunit INSIGHT products are used in approximately 600 medical sites in more than 40 countries. Lunit SCOPE series provide AI detection and analytics for tissue data, quantifying key features and scores that enhances elevated response prediction for immunotherapy. By receiving CE Mark in April 2022, Lunit SCOPE PD-L1 TPS has been officially approved for deployment and use in European pathology practices.

SOURCE Lunit