L&C Bio Invests in Curexo, Medical Robot Company, as Second Largest Shareholder

[Asia Economy Reporter Lee Gwan-joo] L&C Bio, a regenerative medicine research and development company, announced on the 23rd that it has decided to make an equity investment worth 40.5 billion KRW in Curexo, a company specializing in advanced medical surgical and rehabilitation robots, for the purpose of management participation.

After the completion of the capital contribution on the 30th of next month, the number of shares held will be 5,458,221, securing a 14.03% stake and becoming the second largest shareholder. The acquisition method is a third-party allotment paid-in capital increase.

L&C Bio explained the purpose of the investment as "to create synergy effects with the company's next-generation medical device products and to strengthen capabilities for entering global markets such as China." Accordingly, Lee Hwan-cheol, CEO of L&C Bio, is expected to participate in Curexo's board of directors as an inside director in the future.

Furthermore, L&C Bio added that this is a strategic investment to provide a platform for Korean bio companies with strong competitiveness in China to enter the Chinese market and to create synergy. When Curexo pursues entry into China in the future, the center of this effort will be L&C China, a joint venture with CICC (China International Capital Corporation). Currently, L&C Bio, which has organized a dedicated team for approvals and permits within China, plans to actively support all procedures including local approvals.

Curexo's flagship product, 'Cubis-Joint,' is evaluated to have global competitiveness as it features a fully automated system where the robot independently performs everything from planning to surgery during artificial joint operations. Recently, it has been focusing on pioneering the global market, including exports to populous countries such as India, obtaining European CE certification in March last year, and applying for U.S. FDA product approval in September of the same year.

Lee Hwan-cheol, CEO of L&C Bio, said, “Not only with our own products but also through strategic collaboration with the top domestic companies in this field, L&C Bio will provide a platform for K-Bio’s entry into China,” adding, “Following the acquisition of L&C AI in February and this investment in Curexo, we will continue to explore investments in companies that can maximize synergy.”