AI-based Cancer Solution Pioneer Lunit Makes Market Debut

SEOUL, South Korea, July 21, 2022 /PRNewswire/ -- Lunit, a global provider of AI-powered cancer solutions, announced today that it made its stock market debut on the South Korean KOSDAQ under the ticker "A32813". Lunit's initial public offering of 1,215,800 shares of its common stock was priced at KRW 30,000 (US$ 23) apiece. Shares closed at the upper limit price, KRW 40,000 (US$ 30.5), surging 29.87% in its debut.

Lunit expects to raise approximately KRW 36.4 billion (US$ 28 million). Lunit intends to use the proceeds for R&D of its new AI products and global market development.

"I sincerely appreciate everyone who supported us through the entire IPO journey, especially our investors, stakeholders, and team Lunit," said Brandon Suh, CEO of Lunit. "The IPO itself is a remarkable accomplishment. But we will step forward towards our bigger goal of strengthening our technological innovation and business development and securing an unrivaled position in the market. We will also strive to optimize our stakeholders' value. And above all, we will continue on our mission to conquer cancer through AI."

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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SOURCE Lunit