Lunit Files Registration Statement for Initial Public Offering

  • First Korean healthcare company to achieve “AA-AA” ratings in technology assessment for its FDA-cleared and CE-marked solutions

  • Accelerate listing on KOSDAQ market by 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 Stock Exchange for an initial public offering (IPO) of its shares. ordinary. Lunit intends to list its ordinary shares on the KOSDAQ market under the symbol “A32813”. NH Investment & Securities will act as book manager, supporting Lunit’s debut.

(PRNewsfoto/Lunit)

A total of 1,124,300 shares will be offered within the price range of KRW44,000 at 49,000 ($34-38). The exact price will be determined after registration of the request from institutional investors on July 7-8while retail buyers can participate in the public subscription during July 12-13.

Based on the bottom of the target range, Lunit expects to raise approximately 54 billion KRW ($42 million). The company plans to spend the capital to lay the foundation for sustainable growth by funding R&D of its AI products and global market development.

“AI is important in health and medicine, and it is transforming the industry,” said Brandon Suh, CEO of Lunit. “By going public, Lunit will strive to be a pioneer in the global medical AI market and launch a new method for cancer diagnosis and treatment support, which is in line with our mission: defeat cancer. thanks to AI. »

Lunit has achieved triple-digit growth every year since 2019. In the first quarter of fiscal 2022, Lunit achieved 44.8% of total revenue in the prior fiscal year. The company reported revenue growth of 552% on a comparable basis, while overseas market revenue also jumped 731% year-over-year.

* This press release does 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 dedicated to developing AI solutions for precision diagnosis and treatment assistance, primarily focused on cancer control.

Lunit has partnered with global medical device giants such as GE Healthcare, Philips and FujiFilm. The company is also focused on its biomarker business through an exclusive partnership with Guardant Health, one of the world’s leading liquid biopsy companies.

Lunit has gained international recognition for its unprecedented cutting-edge AI technology. More than half of its employees are research and development (R&D) specialists, with more than 12 doctors working full-time.

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

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