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SEOUL, South Korea, July 14, 2022 /PRNewswire/ -- Lunit, a global provider of AI-based cancer solutions, announced that it priced its initial public offering (IPO) of 1,215,800 shares of its common stock at KRW 30,000 (US$ 23) per share. The shares are set to begin trading on the KOSDAQ market on July 21, 2022, under the ticker symbol "A32813".
A total of 162 international institutional investors participated in the demand forecast from July 7 to July 8. In consideration of the current market circumstances, Lunit determined to offer its shares at a market-friendly price.
The proceeds from the offering are expected to be approximately KRW 36.4 billion (US$ 28 million). Lunit intends to use the proceeds to lay the cornerstone for sustainable growth by funding the R&D of its new AI products and global market development.
"I would like to express my deepest gratitude to all of our investors," said Brandon Suh, CEO of Lunit. "During the deal roadshow, our investors unanimously acknowledged that Lunit is an impressive company doing unique things with extraordinary achievements. By going public, which is one step in our long journey, I strongly believe that we will succeed and accomplish our mission to conquer cancer through AI."
*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 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 being 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 enhance 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.
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